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Sustainable Transformation
to be Stronger
and Greater
2023
Annual Report
In the midst of global economic uncertainty and geopolitical Holding Ultra Micro is proof that BRI continues to be proactive in
conditions which create a challenging situation with high encouraging financial inclusion by facilitating access to financing
risks during 2023, PT Bank Rakyat Indonesia (Persero) Tbk and social empowerment for the community. In the second year
(hereinafter referred to as BRI/Perseroan) succeeded in after its founding, Ultra Micro Holding has served more than 37
showing positive performance. This performance is inseparable million customers with financing, savings and insurance products
from BRI’s commitment to continue carrying out Sustainable with support to facilitate outreach with the availability of 15,000
Transformation to Grow Stronger and Greater so that it can work units (BRI Unit 6,700, Pegadaian 4,087 and PNM 4,553) ,
continue to contribute to the creation of economic and social 1,018 SENYUM (Ultra Micro Service Centers) namely co-location
values in supporting inclusive national economic growth. The units, more than 740 thousand BRILink Agents and 686 thousand
ongoing transformation carried out has enabled BRI to provide E-channels.
the right strategic response amidst an economic situation that is
still far from ideal after the Covid19 pandemic period. BRI also continues to carry out digital innovation to improve
banking services. BRImo as BRI’s super app is continuously being
The Company is committed to continuing to grow sustainably improved. In 2023 BRImo has integrated aspects of artificial
while remaining focused on transformation in the cultural and intelligence, namely chat banking service (Sabrina) and increased
digital areas to realize BRI’s vision of becoming a “Champion of cross border transaction and investment capabilities. BRImo has
Financial Inclusion” by 2025. served 31.6 million users (an increase of 32.6% yoy), with 3.1
billion transactions worth IDR 4,159 trillion, which generated IDR
In line with efforts to realize the vision, BRI optimizes its 2.4 trillion in fee based income.
strengths, focusing on the business escalation period (beyond
banking) by optimizing the synergy of Ultra Micro Holding (BRI, Consistency in continuing to innovate and the right strategic
PT Pegadaian and PT Permodalan Nasional Madani) supported response succeeded in making BRI record solid performance with
by a strong customer base to become a new source of growth for consolidated assets reaching IDR 1,965 trillion or growing 5.3%
BRI, widespread infrastructure and complete financial products yoy. BRI’s total credit and financing was able to grow 11.2%,
and services, as well as strengthening retail banking through amounting to IDR 1,266 trillion. Increasing profitability with
value chain business development, improving digital products, good risk management made BRI set a new record for Profit by
and strengthening synergy and cross selling of BRI and its recording a Net Profit of IDR 60.4 trillion (an increase of 17.5%
subsidiaries. yoy) at the end of 2023.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 1
Page 4
Theme
Continuity
2022
Annual Report
Reach Further,
Provide Solution,
Grow Better and Stronger
One of the Company’s visions is to become a “Champion BRI continued to carry out a strong commitment to digital
of Financial Inclusion” by 2025. To realize this vision, BRI is transformation to provide easy public access to banking services.
penetrating financial products and services in the micro and One of them was through Super Apps BRImo which received a
ultra-micro segments. BRI implements a hybrid bank concept positive response from the community. This was shown by the
that combines digital and physical services (conventional volume of financial transactions through BRImo which had more
banking services) to expand reach. than doubled to IDR2,669 trillion, with the number of transactions
reaching 1.83 billion transactions, and BRImo users also shot up
The company’s efforts to provide convenience for the public 68.46% Year on Year (YoY) to 23,85 million users.
in accessing BRI’s financial services include the BRILink Agent
service, the BRImo super app, and the SENYUM co-location (Ultra In addition, efforts to expand its reach were also carried out
Micro Service Center). through the Ultra Micro Holding between BRI (as the holding
company) and PT Pegadaian and PT Permodalan Nasional
BRI also continued to spur the development of AgenBRILink Madani (PNM). One year after its establishment, Holding Ultra
services to encourage inclusion and services closer to the Micro has successfully integrated more than 34 million ultra
community. The number of AgenBRILink increased by 24.6% micro customers to obtain formal financial services. SENYUM co-
YoY to 627 thousand agents with transaction volume reaching location services (Ultra Micro Service Centers) until the end of
IDR1,298 trillion or growing 13.5% YoY. Currently AgenBRILink 2022 have reached 1,013 locations.
services reached 58,896 villages in all corners of Indonesia, or
covered at least 77% of the total villages in Indonesia. Thus, through a hybrid bank strategy that makes BRI’s services
more extensive and provides convenience, encouraging BRI’s
business to continue to grow and become more resilient.
PT Bank Rakyat Indonesia (Persero) Tbk.
2 2023 Annual Report
Page 5
2021
Annual Report
Digitalization:
Go Smaller, Go Shorter,
Go Faster, Go Cheaper
In the midst of the economic recovery, PT Bank Rakyat Indonesia To provide banking services to various regions by Go Smaller,
(Persero) Tbk. (BRI) managed to maintain performance Go Shorter & Go Faster, BRI digitalization was carried out by
fundamentals to grow in a healthy, strong and sustainable referring to 3 (three) main frameworks, namely first, Digitizing
manner. BRI’s success in recording this brilliant performance Core or digitizing business processes with the aim of increasing
became the result of a transformation strategy prepared since productivity and focusing on efficiency. Second, Digital
2016 through the grand concept of BRIvolution 1.0. The program Ecosystems in which BRI prepared digital platforms to encourage
was started in 2017 and had been implemented until 2020. BRI to enter the value chain ecosystem business so that it was
expected to be a new source of growth for CASA, FBI and BRI’s
Since the onset of the pandemic, the transformation continued new customers. Third, New Digital Propositions, in which BRI
to become BRIvolution 2.0 focusing on two main areas, namely innovated financial technology with a fully digital approach and
digital and culture. BRI’s vision was also changed to become new business models that could provide services to customers
The Most Valuable Banking Group in Southeast Asia. In addition, faster, better and more efficiently.
another focus was to become the Champion of Financial
Inclusion. This was to restore BRI’s focus on its pathway in the Through the transformation as well as the go smaller, go shorter
MSME segment, including the Ultra Micro (UMi) business. and go faster strategy supported by digitalization, BRI had proven
to be able to show solid performance by recording consolidated
Champion of Financial Inclusion was intended to maintain the assets of IDR1,678.10 trillion or growing 4.23% YoY. As for the
company’s sustainable growth. BRI looked for new sources total credit and financing of the BRI Group, it reached a thousand
of growth. With a go smaller strategy, BRI targeted a business trillion rupiah exactly at IDR1,042.87 trillion. The proportion
segment smaller than micro, namely ultra micro by extending of BRI’s MSME loans continued to climb, with 83.86% of BRI’s
credit with a smaller ticket size. BRI provided short tenors total lending being channeled to the MSME segment. This figure
as needed or go shorter. In addition, BRI strengthened the became an increase compared to the same period last year, and
digitization of its financial services so that services and business BRI would continue to increase this proportion to reach 85% by
processes could go faster. That way, BRI can serve the community 2024.
by providing wider, easier, faster and more affordable financial
access.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 3
Page 6
2020
Annual Report
Changing Adversities
to Will-Power
BRI has navigated an extensive journey of 125 years in fostering aggravating business conditions, which limit the mobility of
economic growth and the ever-growing development of all business practitioners in interacting and promoting its
customers from small segments across Indonesia. Within the products. BRI swiftly realized loan restructuring programs
span of its milestones, BRI is committed to delivering services to while at the same time optimizing its excellent infrastructure
micro, small, and medium enterprises (MSMEs). BRI consistently and information technologybased service products. BRI is
provides excellent services to the largest economic segment progressively established a digital technology-based business
in which mostly are carried out by the majority of Indonesians. ecosystem, which allows all business customers to be connected
This is done by fostering, empowering and supporting them in with consumers across the country, even to various foreign
optimizing their competencies, which eventually will enhance the countries. BRI has turned difficulties into business development
welfare of their families and surrounding communities. opportunities and is making creativity in optimizing the digital
ecosystem a place to deliver resilience in overcoming all business
BRI’s consistency has delivered large numbers of upgraded challenges.
MSMEs that are annually increasing. This is achieved even in its
125th of journey, during the pandemic, the toughest period that Backed by consistent efforts in fostering the MSMEs growth and
evolved the dynamics of life and economies of all communities. development, BRI was able to successfully maintain its position
BRI stands tall at the forefront, provides the best support for as the largest bank in Indonesia with consolidated assets of
all its customers. Particularly for MSMEs customers that are Rp1,511.81 trillion and a strong level of capital. Today and
suffering from the decline in their revenues caused by socio- going forward, BRI will remain consistent with its commitment
economic restrictions. to support, foster, empower, and continue to provide the best
service to the MSMEs segment. BRI is determined to continue to
Upholding the vision to become “The Most Valuable Banking increase the MSMEs portfolio hence to be able to deliver the best
Group in Southeast Asia and Champion of Financial Inclusion” contribution to the majority of community and persevere the
in 2025, BRI realized brilliant breakthroughs in overcoming nation’s economic resilience.
PT Bank Rakyat Indonesia (Persero) Tbk.
4 2023 Annual Report
Page 7
2019
Annual Report
Continuously Fostering and
Empowering Micro and Small Enterprises
Deepening Their Role for the Nation
BRI has forged a long-standing history of providing banking development agent and as a financial intermediary institution.
and financial services to the small-scale economic segment in Amid credit and thirdparty funds slowdown in 2019, BRI was able
Indonesia. In 2019, the Bank reached its 124th year of operations, to maintain a higher than industry growth in both aspects.
unwavered in its commitment to catering to the needs of micro,
small, and medium enterprises (MSMEs). It is likely that BRI is BRI’s strong commitment to providing the best services and
one of the few banks in the world that consistently endeavors to deliver optimal results has taken the Bank to the next level
to provide the best services to this particular segment and of performance. BRI successfully maintained its position as
to ultimately drive the people’s economy, as evident from Indonesia’s largest bank with Rp1,416.8 trillion in assets in 2019.
the growing number of MSME customers that graduate to a In the same year, the Bank brought home numerous acclaims
higher segment every year. Honoring BRI’s antecedents and its from reputable, independent institutions for its products and
upcoming 125th anniversary in 2020, this year’s annual report services. BRI also proactively supported the government’s
carries the theme of ‘continuously growing and empowering programs, such as programs on financial inclusion, channeling of
micro and small enterprises, deepening their role for the nation’. subsidized micro loans (KUR), and the disbursement of non-cash
social assistance. These positive results are attributed to BRI’s
BRI has put many actions in place and will continue to do so to discipline in implementing the principles of sustainable finance
realize its vision of being the Most Valuable Bank in Southeast and good corporate governance.
Asia and Home to the Best Talent. It has proven capacity as a
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 5
Page 8
Table of Contents
Themes and Meaning
1
of Themes
2 Theme Continuity
Company
6 Table of Contents
Profile
9 Company at A Glance
78 Company Identity
10 Milestones
Performance 79
Name and Address of Regional
Offices and Overseas Branch Offices
Highlights 14 Our Best Contribution
81 Company Brand
82 Brief History of The Company
84 Description of Name Change
Vision, Mission and Corporate
86
Performance Culture
Highlights
86 Vision
Important Performance 86 Mission
24
Achievement in 2023
Reviews of Vision and Mission by
Financial Summary 86 The Board of Commissioners and
Company 26
and Financial Ratio Board of Directors
Profile
Financial Summary and 87 Corporate Culture
26
Financial Ratio
89 Business Activities
32 Operational Overview
Business Activities According
34 Stock Information 89 to The Article Association and
Business Activities Conducted
35 Corporate Action
90 Products and Services
Temporary Termination of Stock
35 Trading (Suspension) and/or 96 Operating Area
Shares Registration (Delisting)
100 Organizational Structure
Information of Bonds, Sukuk, and/
Report of The Board of 36
or Conversion Bonds 102 List of Association Membership
Directors and Board of
Commissioners 38
Information on 104 Board of Directors’ Profile
Other Funding Sources
119 Board of Commissioners’ Profile
38 Company Rating 2023
132 Executive Officer Profile
40 Significant Events
137 Employee Profile
137 Number of Employees by Gender
Number of Employees by Position
137
Level
Number of Employees by Age
137
Report of The Board of Directors Range
and Board of Commissioners Number Of Employees By
Corporate 138
Education Level
Governance 46 Board of Directors’ Report
138 Number of Employees by Status
60 Board of Commissioners’ Report
Number of Employees by
139
2023 Annual Report Generation
74
Responsibilities
PT Bank Rakyat Indonesia (Persero) Tbk.
6 2023 Annual Report
Page 9
Management Discussion
and Analysis on Bank Performance
139 Number of Employees by Service 186 Economic Review 368 Capital Goods Investment
139 Shareholder’s Composition 186 Global Economic Review 369 Commitments and Contingencies
The 20 Largest Shareholders’ 193 Domestic Economic Analysis 369 Significant Agreement
140
Composition
195 Banking Industry Analysis Material Information and Facts
Composition of Shares Ownership 370 After The Accountant’s Report
141
of 5% or More Analysis of BRI’s Position in the Date
196
Banking Industry
Community Shareholders’ Group Details of Problems Arising
142 Composition Holding Less than 198 Operational Review During the Fiscal Year Which
370
5% of Shares Affected the Business Activities
198 Bank Strategy of SOEs
Board of Commissioners’ and
142
Directors’ Shareholding 201 Marketing Aspect Business Prospects and Future
370
Strategies
Senior Management Share 201 Marketing Strategy
144
Ownership Achievement of Targets and
204 Market Share 372
Future Targets
145 Classification of Shareholders
Operational Review Per Business 377 Evaluation of Long Term Plan
205
145 Main and Controlling Shareholders Segment
Policy, Announcements and
206 Operating Segment 377
List of Subsidiaries, Associated Payment of Dividend
146 Entities and Joint Venture
Companies 264 Geographic Segment Realization of the Use of Public
378
Offering Funds
154 Company Group Structure National Strategic Projects (PSN)
265
or Other Assignments Material Information Regarding
155 Bank Business Group Information Investment, Expansion,
267 Financial Review 379
Divestment, Acquisition, or Debt
156 Stock Issuance Chronology and Capital Restructuring
267 Financial Performance
Chronology of Issuance and/or Material Transaction Information
160 Consolidated Statement of
Listing of Other Securities 267 Containing Conflict of Interest
Financial Position 380
and/or Transactions With
Information on Using The Services Affiliated Parties
165 of Public Accounting (AP) and Consolidated Statement
Public Accounting Offices (KAP) 280 of Profit or Loss and Other Changes in Law and Their Impact
Comprehensive Income 387
on Bank
Name and Address of Supporting
166 Consolidated Statement of
Institutions and/or Professionals 289 389 Accounting Policy Changes
Cash Flows
168 Awards and Certifications 390 Bank Soundness Level
Ability to Pay Debt and
292
Information Available on The Collectibility in Receivables 390 Business Continuous Information
183
Website
295 Interest Rate 391 Tax Aspect
295 Interest Rate On Loan Response to Change in Monetary
392
Policy Direction
296 Earning Assets Quality Analysis
Prohibitions, Limitations and/
Strategy for Improving Fee Based or Significant Obstacles To the
300
Income 393 Provision of Funds Between
Banks and Other
300 Capital Structure Entities in a Business Groups
Information on Capital and Risk 397 Spot and Derivative Transactions
301
Exposure
Report on the Use of Additional
Material Commitments Related 397
368 State Capital Participation
to Capital Goods Investment
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 7
Page 10
Business Support Corporate
Functions Overview Governance
400 Human Capital Implementation of Good Corporate Anti-Money Laundering (AML)
443 Governance on Company Program, Counter-Terrorism
Human Capital Management Performance Financing (CFT), and Prevention
401 737
Framework of Financing of Proliferation of
444 Stages of GCG Implementation Weapons Of Mass Destruction
Human Resources Management (PFWMD)
402
Policy And Implementation Basic Aplication of Good Corporate
444
Governance 744 Legal Cases
402 Recruitment
Corporate Governance Administrative Sanctions Imposed
446
404 Competency Development Implementation Framework on Companies, Members of The
748 Board of Commissioners and
409 Career Development Structure, Mechanism and Directors by The Capital Market
447
Governance Relations Authority and Other Authorities
Individual Performance
413
Assessment Implementation of Good Corporate Corporate Information and Data
465 748
Governance Access
Remuneration System and Long
414
Term Compensation 465 Shareholders 754 Code of Conduct
416 Pension Program 467 General Meeting of Shareholders 760 Whistleblowing System
416 BRILiaN Apps 483 Board of DIrectors 763 Anti-Corruption Programs
418 Culture Internalization 504 Board of Commissioners Management of Assets Reports of
768
State Providers (LHKPN)
Human Resources Management Nomination and Remuneration for
422
Structure 545 the Board of Commissioners and Number of Internal Fraud and
768
Directors Settlement Efforts
Human Resources Work Plan
422
2024 Transparency of Share Ownership Provision of Funds for Social and/
769
552 of Directors and Board of or Political Activities
423 Information Technology Commissioners
769 Stock Buyback and Bond Buyback
Master Plan and Information Diversity Policy Board of
424
Technology Strategy 555 Commissioners and Board of 770 Internal Disputes
Directors
Information Technology 770 Bank Strategic Plan
426
Innovation Organs and Committees Under
557
The Board of Commissioners Provision of Funds to Related
Information Technology 770 Parties and Provision of Large
428
Infrastructure Organs and Committees Under Funds
636
the Board of Directors
Information Technology Transactions Containing Conflict
431 771
Governance The Implementation of of Interest
Governance In Providing
Information Technology 692 Remuneration Ffr Commercial 771 Prevention of Insider Trading
435
Management Structure Banks in Accordance with 45/
Pojk.03/2015 Transparency of Financial and
Information Technology Work 772
436 Non Financial Conditions
Plan 2024 Performance-Based Long-Term
697
Compensation Policy Procurement of Goods and
Direktorat Fixed Assets 772
437 Services
Management & Procurement 698 Public Accountant
Implementation of
438 Network & Services Directorate 699 Internal Control System Sustainable Finance, Including
772
Implementation of Social and
704 Risk Management Environmental Responsibility
727 Compliance Function Implementation of Integrated
772
Governance
788 Corporate Social 792 OJK Reference Index 813 Financial Statements
Responsibility
PT Bank Rakyat Indonesia (Persero) Tbk.
8 2023 Annual Report
Page 11
Company
at A Glance
BUSINESS SEGMENT
TOTAL ASSET
Micro
Rp
1,965.01 trillion
Retail Corporate
MAIN PRODUCTS AND SERVICES
Savings Loan Banking
Products Products Services
SUBSIDIARIES SHAREHOLDERS
PT Bank Raya Indonesia Tbk (Raya) 86.85% Public*
46.81%
BRI Global Financial Services Co. Ltd.
100.00 %
(BRI Global Financial Services)
PT Asuransi BRI Life (BRI Life) 54.77%
100%
PT BRI Multifinance Indonesia (BRI Finance) 99.88% 53.19%
Government
PT BRI Danareksa Sekuritas (BRI DS)
67.00%
* Includes treasury stock of 0.51%
PT BRI Ventura Investama (BRI Ventures) 99.97% AFFILIATE COMPANY
PT BRI Asuransi Indonesia (BRI Insurance) 90.00% PT Bahana Artha Ventura (BAV) 15.10%
PT Pegadaian 99.99% PT Kustodian Sentral Efek Indonesia (KSEI) 3.00%
PT Permodalan Nasional Madani (PNM) 99.99% PT Pemeringkat Efek Indonesia (Pefindo) 0.18%
PT BRI Manajemen Investasi (BRI MI) 65.00% PT Bank Syariah Indonesia Tbk. (BSI) 15.38%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 9
Page 12
Milestones
1895 2009
On 16 December 1895, Raden Aria Wiriatmaja founded De Real-time online interconnection with the whole works unit,
PoerwokertoscheHulp en Spaarbank der Inlandsche Hoofdenin numbering 6,480 outlets at the time.
Purwokerto as a mosque fund manager whose function was to
manage and disburse funds to the people through a simple scheme.
The institution experienced several name changes, from Hulp 2007
en Spaarbank derInlandshe Bestuurs Ambtenareen (1895), De
Poerwokertosche Hulp Spaar-en Landbouw Credietbank or Volksbank, RI acquired Bank Jasa Artha, later changed into PT Bank BRISyariah.
to Centrale Kas Voor Volkscredietwezen Algemene (1912). In 1934
the name was again changed, to Algemene Volkscredietbank (AVB).
During the Japanese occupation period, AVB was known as Syomin 2003
Ginko (1942-1945).
On 10 November 2003, BRI became a Publicly listed Company by
listing its shares on the Jakarta Stock Exchange (now Indonesia Stock
Exchange/ IDX) with ticker code “BBRI.” Now BRI is part of the LQ-45
1946 share index and also one of the bluechip companies on IDX.
On 22 February 1946, the Government of Indonesia, by virtue of
Government Regulation No. 1 of 1946, changed Syomin Ginko into 1992
Bank Rakyat Indonesia (BRI), a government owned bank with the
front-line role of supporting national economic development. According to Republic of Indonesia Government Regulation No. 21
of1992, BRI changed its legal status to PT Bank Rakyat Indonesia
(Persero).
1960 1984
The government changed BRI into Bank Koperasi Tani Nelayan
(BKTN). Following the closing of Bimas program by the Government, BRI
started to manage the micro business commercially, distributed
through BRI Units.
1968 1969
Based on Law No. 21 of 1968, the Government reestablished the BRI was appointed by the Government as the only bank to disburse
name Bank Rakyat Indonesia with a commercial bank status. loan program Mass Assistance (Bimas) and started to establish BRI
Units.
PT Bank Rakyat Indonesia (Persero) Tbk.
10 2023 Annual Report
Page 13
2011 2018
• On 11 January 2011, the Bank exercised a 1:2 ratio stock split • To enhance its customer service BRI launched Sabrina, an Artificial
• On 3 March 2011, the signing of a Deed of Acquisition of shares Intelligence as BRI New Assistance to facilitate the customers in
of PT Bank Agroniaga Tbk between BRI and Dana Pensiun getting information on the Bank.
Perkebunan (Dapenbun). • BRI encouraged the MSME to Go Digital by launching the Indonesia
• On 16 December 2011, the signing of Instrument of Transfer, and Mall, cooperating with the market place startups thereby providing
Bought and Sold Notes between BRI and PT Asuransi Jiwa BRIngin the MSME communities the opportunities to sell their products in
Jiwa Sejahtera over the shares of BRIngin Remittance Co. Ltd. wider market.
(Hong Kong). • BRI issued the following bonds:
- Bank BRI Shelf Registration Bonds II Phase IV 2018 Series-A,
maturity on 21 February 2023, with nominal value of
1,837,000,000,000 shares and coupon/discount rate of 6.65%,
2013 with AAA credit rating from Pefindo.
- Bank BRI Shelf Registration Bonds II Phase IV 2018 Series-B,
maturity on 21 February 2025, with nominal value of
BRI Hybrid Banking, the first self-service banking in Indonesia.
605,000,000,000 shares and coupon/discount rate of 6.90%,
with AAA credit rating from Pefindo.
- Bank BRI Registration Bonds III 2018, maturity on 21 June 2023,
2014
with nominal value of 500,000,000,000 shares and coupon/
discount rate of 7.70%, with AA credit rating from Pefindo
• BRI has exercised three new equity investments, which are 2 (two)
• BRI’s ATM network continues to increase, reaching 20,792 ATM new subsidiaries, PT BRI Ventura Investama (BRI Ventures) and PT
units and 131,204 EDC units – constituting the largest ATM and EDC BRI Danareksa Sekuritas (DS), as well as investment in PT Danareksa
network in Indonesia. Investment Management (DIM). On these equity investments,
• BRI signed the BRI Satellite (BRISat) Satellite Procurement and total Subsidiaries of BRI become 8 (eight) Subsidiaries, namely
Launcher Agreement with Space System/ Loral (SSL) and Arianespace Sharia (BRISyariah), Conventional Bank (BRI Agro), Remittance
on 28 April, 2014. (BRI Remittance), Insurance (BRI Life), Multifinance (BRI Finance),
Venture Capital (BRI Ventures), Securities (BRI Danareksa
Sekuritas), and General Insurance (BRI Insurance).
• BRI also launched the BRI Institute as a manifestation of Bank
2015 BRI’s effort in the National Capacity Building for MSMEs segment.
2017
• In 2015, BRI opened Singapore Overseas Unit and acquired PT
Asuransi Jiwa Bringin Jiwa Sejahtera (Bringin Life).
• On 4 August 2015, BRI launched Teras BRI Kapal to reach out to
people living in coastal areas that are underserved by banking • BRI began operating Timor Leste Overseas Unit on 14 March 2017
services. • On 24 February 2017 BRI officially launched Teras BRI Kapal
• BRI also inaugurated BRI Corporate University to provide Bahtera Seva II and Teras BRI Kapal Bahtera Seva III to reach
comprehensive facilities for employee education. communities in the coastal areas of Labuan Bajo and Halmahera
Island.
• BRI Extraordinary General Meeting of Shareholders (“EGMS”) held
on 18 October 2017 has approved the stock split from Rp 250,-
2016 (two hundred fifty Rupiah) per share to Rp 50,- (fifty Rupiah) per
share (Ratio 1:5) and began its trading on 10 November 2017, the
• BRI’s own satellite, the BRIsat, was successfully launched on June 18, 14th Anniversary of BRI’s listing at the stock exchange.
2016, at 18:38 Kourou Time, French Guiana. BRIsat will provide the
supporting infrastructure for BRI’s digital services.
• BRI acquired BTMU Finance, a multifinance company, and
subsequently changed its name to BRI Finance.
• BRI inaugurated a full digital branch at Terminal 3, SoekarnoHatta
Airport, and launched several programs concerning digitalization
for SME, such as e-Pasar, Teras BRI Digital. 1 Million Free Domain for
MSMEs, and Rumah Kreatif BUMN.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 11
Page 14
2019 2020
• BRI through its subsidiary BRI Agro launched PINANG, the First BRI actively becomes the Government main partner in implementing
Digital Lending Banking in Indonesia. By combining digital the National Economic Recovery Program (NER) which have rendered
technology, PINANG speeds up the application process to positive impact, not only for the debtors that mostly are MSMEs, but
disbursement to less than 10 minutes. Applications can be made also to the Company. As of December 2020, the following are NER
through branchless methods. Using a fast, affordable, and secure programs carried out by the Company:
process, as well as a competitive ceiling, PINANG will provide extra 1. Distribution of MSME Credit in the framework of Accelerating
convenience for customers to apply for loans. National Economic Recovery. In accordance with the target set
• BRI has acquired companies engaged in General Insurance, PT. by the Government of IDR 45 trillion (3 times) from Placement of
Bringin Sejahtera Artha Makmur (BRINS), this acquisition is a Government Funds;
strategic step for the company to become an integrated financial 2. Lending with guarantee scheme for small and retail segments
solution that will further complement the financial services owned amounted to Rp8.73 trillion to more than 14 thousand Debtors;
by the BRI Group. 3. Disbursement of MSME Loan Interest Subsidies amounted to
Rp5.47 trillion to more than 6.5 million beneficiaries;
• On March 28, 2019 BRI issued a (sustainability bond) with a
4. Disbursement of Micro Business Productive Assistance (BPUM)
nominal value of USD 500.000.000 (full amount) for a period of 5
amounted to Rp18.64 trillion to more than 7.7 million micro
years. Proceeds from the bond issuance were used to fund Eligible
business;
Projects in accordance with the Sustainability Framework.
5. Disbursement of KUR Super Micro amounted to Rp8.66 trillion to
• BRI has launched its latest digital banking breakthrough to more than 985 thousand debtors;
provide convenience and security in banking transaction services. 6. Disbursement of salary subsidies of Rp6.45 trillion to more than 5
BRI launched the BRImo application, the latest BRI Mobile million beneficiaries.
application based on data with the latest UI/UX (User Interface/
User Experience) and the latest features that can be used by In addition, as a recovery effort to the debtors impacted by the
customers and noncustomers without having to come to the COVID-19, as of December 2020, BRI has carried out restructuring
branch office with a choice of funding sources current account, amounted to Rp186.6 trillion to 2.8 million debtors, where 95%
savings and Electronic Money for each of its features. BRImo has included as debtors from Micro, Consumer, Small and Medium
various interesting advantages, such as convenience in opening a segments.
BRI Britama Muda Savings account, login applications using finger • To provide customer transactions convenience during the
print or face id recognition, checking of account transactions pandemic, BRI launch the following digital innovations :
up to the last 1 year, the use of account aliases and access to - Launching of BRImo New Look
information on BRI Bank promos. Until December 2019 there have - Launching of Pasar.id. The social distancing and Large Scale
been 2.96 million BRImo users. Social Restrictions has limited the activity in the market,
• On 12 December 2019, BRI made a breakthrough innovation in resulting in profitability declined for the traders. BRI helps the
its financial products and services to establish itself as a leading “Survival Mode” of Traditional Market by introducing online
financial institution in digital banking in Indonesia. The latest one, shopping (through WA, Website, Mobile Apps, or start-ups
BRI launched an online loan called CERIA. Through this launch, cooperation).
BRI became the first state-owned bank to have an online loan - Launching of Digital Saving. BRI launch digital account opening
application. service through Digital Saving Platform that are accessible
through BRI channels or cooperating third parties. The platform
• In addition to innovating through various digital banking products
uses 2 technologies, namely face recognition and digital
development, during 2019 BRI also continued to empower the
signature, hence providing a branchless facility for customers.
MSMEs through KUR disbursement of Rp87.9 trillion to more than
• Launching of the Indonesian Banking Professional Certification
4 millions of them. Of the total KUR disbursed during 2019 by BRI,
Agency (BRISLP).
Rp75.7 trillion or 86.1% were disbursed specifically for the micro
• Launch of BRI Micro & SME Index (BMSI). The launch of BMSI is
segment. As such, since 2015, BRI has succeeded in disbursing KUR
BRI’s concern for the activities of Indonesian MSMEs to become
with a total value of Rp323.4 trillion to more than 16.6 million
information. BMSI is the first leading indicator in Indonesia to
MSMEs communities throughout Indonesia.
measure MSME activities which one day will be useful for public
policy.
PT Bank Rakyat Indonesia (Persero) Tbk.
12 2023 Annual Report
Page 15
2021 2023
• Throughout 2021, BRI successfully carried out 3 (three) major
corporate actions to support sustainable growth. These three
major corporate actions became part of BRI’s business growth
- Evidence of the success of BRI’s digital
which was carried out inorganically and in the value creation transformation can be seen from the
process. The 3 (three) corporate actions included: number of BRImo users at the end of 2023
1. Consolidation of Bank Syariah Indonesia (BSI) with an
reaching 31.6 million users, an increase of
increase in the price of BRIS shares up to four times since the
consolidation process. >10 times in just 4 years, making BRImo
2. Increased BRI Life valuation through partnership with FWD the most downloaded mobile banking
Financial.
in Indonesia. Apart from that, in 2023
3. Establishment of an Ultra Micro Holding with Pegadaian
and PNM with a total Right Issue value of IDR95.9 trillion BRImo’s transaction volume will grow
consisting of IDR54.7 trillion in the form of government non- extraordinary to reach IDR4,159 trillion.
cash participation in the form of Pegadaian and PNM shares, - 2 years into the establishment of Ultra
and IDR41.2 trillion in cash proceeds from shareholders public.
This achievement marked history as the largest right issue in
Micro Holding, it has succeeded in serving
the Southeast Asia region, ranked third in the right issue in Asia, 37 million MSME customers with total
and number seven worldwide. credit financing reaching IDR494.78
• BRI opened its sixth overseas outlet, namely a Branch Office
trillion through 1,018 SenyuM Outlets.
in Taipei, Taiwan located at No. 166, Sec. 3, Nanjing East Road,
Zhongshan District, Taipei City, Taiwan. The operation of the BRI
Taipei Branch (BRITW) started operating on Tuesday, November
30, 2021. The BRI Taipei Branch had also obtained an operational
permit as a Full Retail Foreign Bank Branch Office License by the
Taiwanese authorities. With this license, BRI Taipei Branch could
provide Savings, Loans, Remittances, Trade Finance, and Treasury
services to customers in Taiwan.
2022
In 2022 BRI continued to develop its business in a number of ways:
1. Mengakuisisi Danareksa Investment Management untuk terus
Acquiring Danareksa Investment Management to continue to
make the BRI Group a one stop financial solution for the people
of Indonesia.
2. Launching the Qlola by BRI product as an Integrated Corporate
Solution Platform with just a single sign on login.
3. Being more consistent in supporting Indonesia’s financial
inclusion through:
• BRILink agents reached 627 thousand agents and are spread
over >58 thousand villages or cover >77% of villages in
Indonesia.
• Super Apps BRImo which already had 23.85 million users
and made BRImo the banking app with the largest users in
Indonesia.
• Presenting >1,000 Senyum Outlets to facilitate access for
customers of the Ultra Micro ecosystem in one door that
successfully integrated >34 million customer data.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 13
Page 16
Our
Best Contribution
Ultra Micro
Holding
Development
As of September 13, 2021, Ultra Micro Holding has been Throughout the Ultra Micro Holding journey, the quality of
operating for 2 (two) years with very encouraging results. financing has been well maintained through several things as
Ultra Micro Holding successfully served more than 37 million follows:
MSME customers, growing 4,68% year-on-year (yoy), with total 1. Applying prudential principles in granting loans, efforts
outstanding loans and financing reaching IDR611,2 trillion, an made to improve loans quality include implementing a loans
increase of 11,10% yoy. BRI (focusing on individual customer granting process involving data analytics to strengthen credit
loans) succeeded in disbursing loans with an outstanding amount scoring and early warning systems.
of IDR496,69 trillion to 14.0 million debtors. On the other hand, 2. Increasing the capabilities of marketers as financial advisors
Pegadaian, with its focus on pawning, succeeded in recorded to assist Ultra Micro customers.
a total outstanding amount of IDR67.6 trillion to 7.7 million 3. Providing education to Ultra Micro customers through
debtors. Meanwhile, PNM, with its group financing through several empowerment programs.
Mekaar, succeeded in recorded an outstanding IDR42.0 trillion to
15,1 million debtors.
PT Bank Rakyat Indonesia (Persero) Tbk.
14 2023 Annual Report
Page 17
Ultra Micro Holding Synergy was implemented through a joint 6. Internalization of SOEs Core Values (AKHLAK)
strategic initiative, to strengthen the resilience of MSMEs and Through the Culture Activation Program (CAP) “BRIGADE
accelerate Financial Literacy and Inclusion with a more complete MADANI”, which is a joint commitment between 77 thousand
journey for Ultra Micro customers in reaching BRI Group financial marketers in 3 Ultra Micro Holding entities to accelerate the
services. These strategic initiatives include: achievement of Key Performance Indicator (KPI) targets set
1. Ultra Micro Customer Empowerment by the Government through the Ministry of SOEs.
Through implementing programs to increase financial
literacy and inclusion in collaboration with the Government With various initiatives and enablers that have been prepared by
and third parties with the aim of upgrading Ultra Micro the 3 (three) Ultra Micro Holding entities, the mandate from the
customers, including: Government through the Ministry of SOEs to Ultra Micro Holding
• The creation of Business Identification Numbers (NIB) was to contribute to the national Financial Inclusion Target
reached 893,248. targeted at 90% by 2025. As an illustration, the Government was
• UMi Simpedes account opening inclusions reached 13.5 targeting 2024, The total number of new account openings for
million. ultra-micro segment customers was 7.8 million savings accounts.
• BRILINK Mekaar in the Mekaar group was 151 thousand. As of December 2023, 13.5 million UMI simpedes accounts have
2. Implementation of Work Unit co-location (SenyuM) been formed. Apart from that, there are 1.2 million Ultra Micro
Until the end of the fourth quarter of 2023, 1,018 SenyuM customers who have upgraded from group customers at PNM
work units were present. In the future, BRI plans to add more Mekaar to individual customers at Pegadaian and BRI. Through
SenyuM outlets to expand the reach of BRI, Pegadaian and a comprehensive customer journey, UMI Holding will continue to
PNM services by utilizing a network of 3 (three) entities, while encourage customer graduation as its capabilities increase. This
still prioritizing efficiency. shows that Ultra Micro Holding can carry out the Government’s
3. Utilization of Analytics Data mandate better.
It was recorded that by the end of the fourth quarter of
2023, 34,7 million Ultra Micro holding customers had been Regarding the distribution of Ultra Micro Financing, there were
successfully integrated into the BRI database and used for challenges faced by Ultra Micro Holding in reaching the Ultra
BRI Group business expansion. Furthermore, the integrated Micro Community, including:
big data will continue to be optimized through data analytics a. Accessibility for customers in underdeveloped, frontier,
with the application of machine learning (AI) so that it can outermost areas.
provide more precise recommendations regarding what Ultra Micro Holding has provided the largest and most
financial products and/or services are appropriate to offer to widespread conventional and e-channel network throughout
ultra-micro customers according to their needs. Indonesia consisting of 7,755 Work Units belonging to BRI,
4. SenyuM Mobile 4,553 PNM and 4,087 Pegadaian. Then, supported by an
SenyuM Mobile is a cross selling application used by marketers e-channel network of 741 thousand BRILink Agents, more
(BRI, Pegadaian, and PNM), BRILink Agents, and Pegadaian than 200 thousand EDC Merchants, and 21 thousand ATM
Agents in the acquisition and marketing of products from and CRM e-channels, 73,6 thousand Marketers, as well as the
3 (three) business entities. Currently, since September 30, BRIMO and Smile Mobile Applications to be able to reach and
2023, SenyuM Mobile has also had a scope-up so that the serve Ultra Micro customers. This required support from the
application can also be used by end users (SenyuM Mobile Government to provide infrastructure in the underdeveloped,
Self-Serve) to access more complete products, including frontier, outermost areas, making it easier for customers to
loans, savings and investment products offered by the three access the financial services that Ultra Micro Holding has
entities. The SenyuM mobile application has been released, prepared, and equal access for Ultra Micro segment customers.
so that it can be accessed by 77 thousand Marketers from b. Cost Efficiency
3 (three) entities, 740 thousand BRILink Agents, and 19 Managing the Ultra Micro ecosystem, with a total of tens of
thousand Ultra Micro segment customers directly, which can millions of customers, required enormous resources. With
be downloaded from the Google Play Store. the establishment of Ultra Micro Holding, it is hoped that
5. Business Process Improvement Pegadaian and PNM can synergize with the BRI group, so that
To improve the quality of Pegadaian and PNM business, the main efficiency can be obtained while still prioritizing service to
focus is placed on efficiency by using digitalization in business Ultra Micro customers.
process flows. During 2023, BRI Holding had also digitized
business processes by encouraging cashless disbursement, Against this condition, there needs to be support from the
especially in PNM customers. The implementation of cashless Regulator to be able to provide relaxation of policies related
disbursement will not only encourage customer digital to the financial sector, especially in serving Ultra Micro Holding
financial inclusion, but also increases business efficiency and customers.
perfect the company’s risk management.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 15
Page 18
Enviromental,
Social, and
Governance (ESG/LST)
As a form of BRI’s support for Sustainable Finance, BRI already had strategic initiatives in the fields of Environment, Social and
Governance (ESG) both in the Company operational and business activities. BRI consistently maintains the Company’s good performance
in implementing Sustainable Finance and contributing to the achievement of Sustainable Development Goals (SDGs). Efforts to accelerate
the achievement of this were carried out through the alignment of corporate strategy, fulfillment of stakeholder expectations and the
initiation of ESG which referred to national, regional and global standards. During 2023, BRI strengthens its commitment by joining the
United Nations Global Compact (UNGC), determining a baseline year in efforts to reduce the company’s greenhouse gas emissions, and
determining Net Zero Emission Targets in 2050. As a result, BRI maintains this performance which is reflected in the ESG rating score from
international rating agencies such as S&P Global, MSCI, and Sustainalytics.
Environment Education
2.045.658 seedlings have been planted through the BRI 2.190 Scholarships for students and college
Menanam program. students.
21 BRINita locations (BRI Farming in the City). 160 School Renovations through the This is My
101 Locations of the River Guard Program, Protect Life. School Program.
64,601 Tree/Mangrove Planting.
Development of an Integrated Waste Management Site
PT Bank Rakyat Indonesia (Persero) Tbk.
16 2023 Annual Report
Page 19
In 2023, BRI has implemented several ESG programs, including: 6. Publishes Task Force on Climate-Related Financial
Disclosures (TCFD) Report (E).
1. Distribute credit to the Sustainable Business Activity 7. Installing solar panels at the BRI office (E).
Category, both the MSME sector and Environmentally 8. Join the United Nations Global Compact (UNGC) (G).
Friendly Business Activities (E, S). 9. Issue policies related to the implementation of Human
2. Issued Green Bonds amounting to IDR 6 Trillion (E). Rights Principles in Employment (S).
3. Committed to Science-Based Target Initiatives (SBTi) related
to greenhouse gas emission reduction targets (E). BRI continues to be committed to implementing Social and
4. Set year 2022 as the baseline year in efforts to reduce the Environmental Responsibility Programs to empower communities
company’s greenhouse gas emissions (E). and move the wheels of the economy. BRI Peduli focused on
5. Determining Net Zero Emission Targets in 2050 (E). empowering MSMEs, Environment, Education and Health..
Health Empowerment of MSMEs
218 Ambulances for the community. Development of Women’s Groups in Indonesia.
153 Renovation, Construction and Assistance Development of Infrastructure, Facilities and Training for
for Health Infrastructure. BRILiaN Villages in Indonesia.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 17
Page 20
Bank with the Largest Sustainable Business
Portfolio in Indonesia
BRI continues to strengthen the application of environmental, social and governance (ESG) aspects comprehensively in business activities
and operations.
Sustainable Business Activities
Sustainable Funding Portfolio Sustainable Financing Portfolio
IDR
39.6 trillion
IDR
777.28 trillion
Sustainable financing portfolio consisting of sustainable credit
ESG - Based Bond Portfolio
distribution and investment in ESG -based corporate securities
57.9% 67.1%
Of the total corporate bonds of total credit
issued by BRI and BRI corporate bond investment
Continuing credit ESG -based corporate bond
distribution investment
BRI Sustainability Journey
IDR
772.74 IDR
4.54
trillion trillion
2017 • Issued internal ESG Policies
• (General Sustainable Finance & CPO 2013 Published 1st Sustainability
Policy) Report
• First Mover on Sustainable Banking
2019 • Issued sustainability bond ($ 500 Mn)
• Submitted Sustainable Finance Action
2020 Conducted Green House
Emission Calculation
Gas (GHG)
Plan 2019-2024
2022 • Established ESG Roadmap
• Issued Green Bond (IDR 5 Tn)
2021
• Signatory of Partnership for Carbon • Established The Ultra Micro Ecosystem
• Accounting Financials • Established Dedicated ESG Work Unit
• New Green office Building • Established ESG Committee
• BRI Menanam Program • Constituent of Indonesia ESG Leader
• Pulp & Paper Loan Policy Index
• Conducted Financed Emission,
Calculation
PT Bank Rakyat Indonesia (Persero) Tbk.
18 2023 Annual Report
Page 21
Empowerment
and Mentoring of MSMEs
BRI actively empowers MSMEs with empowerment programs including: (using e-commerce) and Go Global (ready to export). Currently BRI
• Desa Brilian has 54 Rumah BUMN which are business development places for
Desa BRILiaN is a Village Empowerment Program based on 4 (four) more than 418 thousand BRI MSME players and have received more
pillars, namely Village-Owned Enterprises (BUMDES), Digitalization, than 12 thousand training sessions.
Innovation and Sustainability. Desa BRILiaN Program aims to produce • Klasterku Hidupku xxx
role models in village development through the implementation of Klasterku Hidupku is an empowerment program for business clusters/
superior village leadership practices and a spirit of collaboration to groups through institutional development and collaboration, so that
optimize SDG-based village potential. The Empowerment Objects in they can increase business class and have wider market access. Of
the Desa BRILiaN Program consist of the Village Head and his staff, the the 23,243 business clusters supported by BRI, 1,897 have received
Director of Village-Owned Enterprises and administrators of Village- empowerment in the form of training and assistance with productive
Owned Enterprises, Representatives of the Village Consultative Body infrastructure.
(BPD) or Community Figures, Representatives of Business Groups • UMKM EXPO (RT) BRILLIANTPRENEUR 2023
(Klaster) and Young Entrepreneurs (Karang Taruna, Pokdarwis and the UMKM EXPO (RT) BRILLIANTPRENEUR 2023 is a BRI activity that aims
like). Currently there are 3,178 BRILiaN Villages spread throughout to bring MSME players to the next level and expand their business
Indonesia as a form of village ecosystem empowerment. to international markets. This activity is also BRI’s contribution to
• Rumah BUMN improving the National Working Hours Balance, to strengthening
Rumah BUMN is a forum for SOE collaborative steps in forming a the Trade Balance, in line with efforts to increase labor-intensive
digital economy ecosystem through coaching MSMEs to increase MSMEs. MSME EXPO(RT) BRILIANPRENEUR 2023 involves new
their capacity and capability. MSMEs that are supported by Rumah young entrepreneurs who will be able to support and encourage the
BUMN will receive empowerment tailored to the level of MSME Indonesian economy, as well as support BRI in realizing the Golden
entrepreneurship. The presence of Rumah BUMN is a catalyst Indonesia Vision 2045 to make Indonesia a high-income developed
for MSMEs to move up a class towards Go Modern (change in country.
entrepreneurial mindset), Go Digital (use of social media), Go Online
Empowering Women Through Ultra
2023
Micro Ecosystem
• Channeling credit to the category of
Sustainable Business Activities (KKUB), both
the MSME sector and environmental insight Number of Female Debtors
activities (KUBL) (L, S)
• Issuing Green Bond worth IDR 6 trillion (L)
• Committing to Science-Based Target Through PNM Mekaar, the UMi ecosystem
Initiatives (SBTI) related to the target of 15.1 provides access to capital, coaching and
decreasing greenhouse gas emissions (L) million capacity building, especially for housewives.
• Determine the baseline year in an effort
to reduce the company’s greenhouse gas
emissions, namely 2022 (L)
• Determine Net Zero Emission Targets in 2050
(L) Account Officer Total Mekaar
• Publish a Task Force on Climate-related Mekaar Outstanding
Financial Disclosures (TCFD) report
• Conduct solar panel installations in the BRI
(L) work unit
• Join the United Nations Global Compact
(UNGC) (T) +41,800 IDR
42.0
• Publish policies related to the application of trillion
the principles of human rights in employment
(S)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 19
Page 22
Digital
Transformation
BRImo SuperApps
The development of digital economic and financial transactions Through a series of innovations carried out in the last year,
has experienced a big leap in recent years. Strong support for BRI’s flagship mobile banking application has generated 3.1
financial technology innovation has triggered a significant billion transactions. Meanwhile, up to December 2023, BRImo’s
transformation of customer preferences in making payments, transaction value has reached IDR4.16 trillion or grew by around
money transfers, investments, as well as the acceleration of 55.8% YoY annually (Year on Year) with FBI reaching IDR2.43
digital banking. In achieving digitalization transformation, BRI trillion.
continues to innovate and develop as an initiation of business
process reengineering which also supports environmental Currently, BRImo focuses on 8 (eight) segments of customer needs
preservation. One initiative to support digital innovation is starting from online onboarding, financial superstore, digital
through BRImo SuperApps. lending, lifestyle ecosystem, investment, customer engagement,
subsidiary integration to branchless services. Through this focus,
BRImo has presented superior features including:
1 International transfers to more than 100 countries First in
(SWIFT and Western Union). Industry
2 Forex Conversion
2021
3 Instant Transaction with fast menu
4 QR Merchant
1 Opening Forex Account
2 QR payment with CC as source of fund
2022
3 Personal Financial Management
4 RDN Investment
Complain in apps feature and toll-free services to make it
1
easier to file complaints
2 Sabrina provides chat banking services
2023
3 Government Bond
4 QR Cross Border (Singapore)
First in
Industry
5 Debit Virtual Card
PT Bank Rakyat Indonesia (Persero) Tbk.
20 2023 Annual Report
Page 23
QLOLA by BRI d. Interest income
- Displays interest income from all accounts.
- Filter by year and account.
e. Top Transactions
- Displays the Top 10 (ten) Transactions (Income or
Expenditure).
- Filter by year, month, date and account.
3. Facility Limit: This is a feature where customers can see
information related to credit facilities owned by customers.
This feature contains information on limits, users, usage
percentage and remaining limits.
4. Cash Management: Features for obtaining financial
QLola by BRI is the latest product innovation in the form of an information, carrying out transactions and carrying out
Integrated Corporate Solution Platform which will make it easier various banking service activities such as checking balances,
for customers to access various BRI products and services with transfers, paying bills and taxes, and others..
just one login.. 5. Trade Finance: Supports Customer business activities in
carrying out international and domestic trade transactions.
Single Sign On Access: 6. Bank Guarantee: Feature for the guarantee document
issuance service in the form of an online payment promise
Cash Management document instrument.
7. ibbiz integration is a feature used to integrate Qlola with BRI
(Ibbiz) internet banking, with features and limits that can be
Trade Finance
adjusted to business owner customers in the retail, medium
and small segments
Supply Chain Management
8. Supply Chain Management: Invoicing-based service to meet
customer supply chain needs and manage corporate bills
Foreign Exchange
online.
9. Foreign Exchange: Features that can be used to:
Investment Services
a. Find out information (real time) on changes in foreign
currency exchange rates.
Financial Dashboard
b. Find out treasury product information.
c. Find out the latest news information.
Other Services
d. Find out retail bond price information.
e. Carrying out foreign currency buying and selling activities
Features available on Qlola include: with Professional BRI Treasury Dealer with competitive
prices.
1. Single Sign On Access: Makes it easier for customers to access f. Carrying out hedging and rate calculations with the
various services with just one login. calculator sub-feature.
2. Consolidated Financial Dashboard and Report: Features that 10. Open API Services
make it easier for customers to monitor company finances, 11. Cash Card
through: 12. PARI Ecosystem: The PARI Corporate Business Ecosystem
a. Balance makes it easier for corporate commodity ecosystem players
- Displays the position of the registered account to carry out financial transactions and services according to
balance (current account or deposit). their needs.
b. Balance History 13. Investment Services: DPLK and Custody.
- Displays the historical position of registered account 14. Activity Notification: Integration of various kinds of
balances (current accounts or deposits) up to the notifications from various features.
last 5 (five) years.. 15. Advanced Search: Advanced search feature.
c. Transaction History 16. Merchant Monitoring: Merchant transaction and settlement
- Displays transaction history of all registered monitoring feature.
accounts. 17. Support System: Complaint Handling for Customers
- Filter by year and account. specifically for Qlola.
18. Online Onboarding Current Account: Registration of new
customers to bank Current Account online.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 21
Page 24
Performance
Highlights
“In 2023, BRI will show solid performance
growth. BRI’s performance also received
recognition and appreciation from external
parties by receiving awards on a national and
international scale.”
PT Bank Rakyat Indonesia (Persero) Tbk.
22 2023 Annual Report
Page 25
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 23
Page 26
Important Performance
Achievement in 2023
NET PROFIT
IDR
60.43 trillion
Consolidated increase
17.54% (YoY)
MICRO LOAN
Bank Only IDR
496.55 trillion
increase 10.4% YoY
Consolidated IDR
611,22 trillion
increase 10.9% YoY
SME
Bank Only IDR
260.35 trillion
increase 9.5% YoY
Consolidated IDR
267.48 trillion
increase 8.6% YoY
Bank Only 6.84% 37.74%
Ratio NIM CIR
Consolidated
7.95% 41.89%
PT Bank Rakyat Indonesia (Persero) Tbk.
24 2023 Annual Report
Page 27
Performance
Highlights
CONSUMER LOAN
Bank Only IDR
182.36 trillion
increase 12.8% YoY
Consolidated IDR
190.04 trillion
increase 13.4% YoY
CORPORATE LOAN
Bank Only IDR
206.83 trillion
increase 14.51% YoY
Consolidated IDR
197.69 trillion
increase 13.8% YoY
18.25% 25.23% Bank Only
ROE CAR Ratio
19.95% 27.27% Consolidated
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 25
Page 28
Financial Summary
and Financial Ratio
Financial Summary and Financial Ratio
Table of Financial highlight and Financial Ratios (in millions of Rupiah)
Description 2023 2022 2021 2020*) 2019
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS
Cash 31,603,784 27,407,478 26,299,973 32,274,988 30,219,214
Current accounts with Bank Indonesia 101,909,121 150,935,150 56,426,573 51,530,969 71,416,449
Current accounts with Other Banks - net 87,545,335 91,869,777 73,012,684 80,005,759 127,092,463
Securities, Export Bills, Reverse Repo and Other
416,176,513 418,685,107 455,174,902 400,022,060 252,607,675
Receivables
Government Recapitalization Bonds - - - - 1,130,306
Loans, Sharia Receivables, and Financing 1,266,429,247 1,139,077,065 1,042,867,453 1,020,192,968 907,388,986
Allowance for Loans Provided, Sharia
(85,501,888) (93,087,981) (87,829,417) (70,394,653) (39,196,369)
Receivables, and Financing
Derivative Receivables - net 911,683 911,405 730,083 1,576,659 210,396
Acceptances Receivables - net 9,967,710 7,031,064 9,066,005 6,271,176 9,346,063
Allowance for impairment losses - net 7,305,491 6,506,903 6,071,727 1,500,329 745,304
Fixed assets - net 59,678,119 55,216,047 47,970,187 43,706,632 31,432,629
Fixed assets - net 15,605,462 18,712,994 16,284,898 9,885,990 4,541,298
Other Assets - net 53,376,453 42,374,001 32,022,666 33,492,467 19,824,426
TOTAL ASSETS 1,965,007,030 1,865,639,010 1,678,097,734 1,610,065,344 1,416,758,840
LIABILITIES, TEMPORARY SYIRKAH FUNDS AND EQUITY
LIABILITIES
Deposits from Customers **) 1,358,328,761 1,307,884,013 1,138,743,215 1,121,102,149 1,021,196,659
Demand Deposits 346,124,372 349,755,590 220,590,197 193,077,94 174,927,804
Saving Deposits 527,945,550 522,647,920 497,676,739 475,848,207 414,332,525
Saving Deposits 484,258,839 435,480,503 420,476,279 452,175,948 431,936,330
Immediate Liability 30,651,807 24,910,579 18,735,387 15,473,574 7,549,312
Deposits from other banks 11,958,319 9,334,547 13,329,434 23,785,997 17,969,829
Securities Sold Under Agreement to Repurchase 19,079,458 9,997,592 29,408,508 40,478,672 49,902,938
Fund Borrowings 98,850,813 79,371,200 68,458,547 72,164,236 30,921,771
Reissued Securities 49,637,581 63,611,761 55,306,697 57,757,028 38,620,837
Other Liabilities 80,028,149 67,134,001 62,329,142 50,017,029 41,813,158
TOTAL LIABILITIES **) 1,648,534,888 1,562,243,693 1,386,310,930 1,311,893,252 1,207,974,504
PT Bank Rakyat Indonesia (Persero) Tbk.
26 2023 Annual Report
Page 29
Performance
Highlights
Description 2023 2022 2021 2020*) 2019
EQUITY
Capital stock 7,577,950 7,577,950 7,577,950 6,167,291 6,167,291
Additional paid-in-capital 75,853,127 75,637,083 76,242,898 3,411,813 2,900,994
Surplus revaluation of fixed assets - net 20,216,505 20,267,952 17,006,230 17,099,207 17,099,207
Differences arising from the translation of
(253,744) (127,954) (115,975) (54,749) (14,970)
foreign currency financial statements
Provision for bonus shares compensation 287,482 210,266 210,266 1,228,805 21,796
Unrealized gains on securities classified as fair
value through other comprehensive income (2,221,745) (4,464,483) 1,949,387 4,623,064 -
- net
Allowance for impairment losses on fair value
128,230 139,978 547,026 975,877 -
through other comprehensive income securities
Gain/(loss) on unrealized available-for-sale
securities and Government Recapitalization - - - 715,770
Bonds
Gain/(loss) on remeasurement of defined
(2,134,699) (689,473) (1,423,685) (1,469,726) 189,519
benefit plan - net of deferred tax
(Treasury Stock) (3,614,321) (2,202,178) (45,997) (1,649,076) (2,106,014)
Stock Option 54,769 16,356 19,255 72,894 22,409
Impact of transaction with non-controlling
1,758,580 1,758,580 1,758,580 - -
interest
Merging entity equity - - 29,538,484 -
Total Retained Earnings 213,711,422 201,169,934 185,009,048 166,972,167 181,327,431
Appropriated 3,022,685 3,022,685 3,022,685 3,022,685 3,022,685
Unappropriated 210,688,737 198,147,249 181,986,363 163,949,482 178,304,746
Total Equity Attributable to Equity Holders of
311,363,556 299,294,011 288,734,983 226,916,051 206,323,433
the Parent Entity
Non-controlling Interest 5,108,586 4,101,306 3,051,821 2,550,831 2,460,903
TOTAL EQUITY 316,472,142 303,395,317 291,786,804 229,466,882 208,784,336
TOTAL LIABILITIES AND EQUITY 1,965,007,030 1,865,639,010 1,678,097,734 1,610,065,344 1,416,758,840
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
INCOME AND EXPENSES FROM OPERATIONS
Interest and Sharia Income - net 135,183,487 124,597,073 114,094,429 93,584,113 81,707,305
Premium income - net 2,161,392 1,577,323 1,043,075 878,710 1,010,728
Gold sales revenue – net ***) 319,644 299,151 - - -
Other Operating Income 45,625,785 39,127,694 41,215,807 38,099,755 28,439,130
Provision for allowance for impairment losses
(29,523,426) (27,384,906) (35,806,312) (33,024,492) (21,556,319)
on financial assets - net
Reversal of (provision for) allowance for
estimated losses on commitments and 341,994 543,145 (3,321,266) (2,157,162) (608,271)
contingencies - net
Provision for allowance for impairment losses
(497,848) (137,431) (163,243) (98,374) (595,015)
nonfinancial assets - net
Total other operating expenses (76,782,291) (74,316,012) (75,918,108) (67,503,849) (44,965,625)
OPERATING INCOME 76,828,737 64,306,037 41,144,382 29,778,701 43,431,933
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 27
Page 30
Description 2023 2022 2021 2020*) 2019
NON OPERATING (EXPENSES) INCOME - NET (399,025) 290,664 (152,317) 214,705 (67,880)
INCOME BEFORE TAX EXPENSE 76,429,712 64,596,701 40,992,065 29,993,406 43,364,053
TAX EXPENSE (16,004,664) (13,188,494) (7,835,608) (8,951,971) (8,950,228)
INCOME BEFORE NET PRO FORMA INCOME
ARISING FROM ACQUISITION TRANSACTION - - 33,156,457 21,041,435 -
WITH ENTITIES UNDER COMMON CONTROL
PRO FORMA NET INCOME ARISING FROM
ACQUISITION TRANSACTION WITH ENTITIES - - (2,400,691) (2,381,042) -
UNDER COMMON CONTROL
NET INCOME 60,425,048 51,408,207 30,755,766 18,660,393 34,413,825
Other comprehensive income:
Accounts that will not be reclassified to profit
or loss
Remeasurement of liabilities for employee
(1,787,840) 902,754 487,841 (2,473,364) (1,291,782)
benefits
Income taxes related to items not to be
348,975 (176,671) (67,751) 464,563 322,945
reclassified to profit or loss
Revaluation surplus arising from premises and
(82,365) 3,297,304 (92,127) 81,910 3,316,985
equipment
Items to be reclassified to profit or loss
Differences arising from the Translation of
(125,790) (11,979) (61,226) (39,780) (64,820)
foreign currency financial statements
Unrealized gain (loss) on Fair value through
1,782,067 (7,946,514) (3,143,546) 4,633,558 -
other Comprehensive Income Securities
Allowance for impairment losses on fair
value through other comprehensive income (9,105) (413,197) (425,090) 868,462 3,696,914
securities
Income taxes related to items to be
502,669 1,509,279 478,796 (698,690) (895,470)
reclassified to profit or loss
Other comprehensive income for the year -
628,611 (2,839,024) (2,823,103) 2,836,659 5,084,772
after tax
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR BEFORE PRO FORMA
COMPREHENSIVE INCOME ARISING 61,053,659 48,569,183 30,333,354 23,878,094 -
FROM ACQUISITION TRANSACTION WITH
ENTITIES UNDER COMMON CONTROL
PRO FORMA COMPREHENSIVE INCOME
ARISING FROM ACQUISITION TRANSACTION - - (2,776,220) (2,120,315) -
WITH ENTITIES UNDER COMMON CONTROL
TOTAL COMPREHENSIVE INCOME FOR THE
61,053,659 48,569,183 27,557,134 21,757,779 39,498,597
YEAR
INCOME FOR THE YEAR ATTRIBUTABLE TO:
Equity holders of the parent entity 60,099,863 48,333,349 31,066,592 18,654,753 34,372,609
Non-controlling Interest 325,185 237,895 (310,826) 5,640 41,216
TOTAL 60,425,048 51,408,207 30,755,766 18,660,393 34,413,825
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR ATTRIBUTABLE TO:
Equity holders of the parent entity 60,708,390 48,333,349 27,855,902 21,727,515 39,403,628
Non-controlling Interest 345,269 235,834 (298,768) 30,264 94,969
PT Bank Rakyat Indonesia (Persero) Tbk.
28 2023 Annual Report
Page 31
Performance
Highlights
Description 2023 2022 2021 2020*) 2019
TOTAL 61,053,659 48,569,183 27,557,134 21,757,779 39,498,597
EARNINGS PER SHARE ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT ENTITY
(full Rupiah)
Basic 398 338 238 152 281
Diluted 398 338 238 151 281
CONSOLIDATED STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES
Income received
Interest and investment income 169,068,778 130,501,831 136,283,648 125,439,096 117,464,011
Sharia income 12,922,019 10,118,043 6,257,927 6,853,944 3,376,547
Premium income 8,996,516 8,936,995 6,989,783 6,205,775 5,373,757
Income from Gold sales 7,982,888 8,715,106 - - -
Expense paid
Interest expense (42,461,798) (25,762,613) (28,533,680) (39,883,405) (38,666,742)
Sharia expense (1,161,971) (1,008,042) (1,293,103) (2,297,043) (1,377,133)
Claim expense (6,549,595) (7,359,672) (5,946,708) (5,327,065) (4,363,029)
Expenses for the cost of goods sold for gold (7,663,244) (7,875,955) - - -
Recovery of written-off assets 16,833,578 12,468,321 9,005,760 7,252,17 7,065,981
Other operating income 29,267,943 35,709,608 34,345,472 31,580,969 22,213,637
Other operating expenses (75,776,851) (78,869,304) (73,658,162) (63,609,646) (46,257,369)
Non-operating expense - net (568,000) (52,531) (203,971) 179,491 (68,021)
Payment of corporate income tax (14,279,292) (15,762,408) (11,164,431) (5,936,444) (9,357,307)
Cash flows before changes in operating assets
96,610,971 68,920,228 72,082,535 60,457,843 55,404,332
and liabilities
Changes in operating assets and liabilities:
Decrease (Increase) in operating assets:
Placement with Bank Indonesia and Other
(505,646) (195,110) 945,891 264,550 (2,854,149)
Financial Institutions
Securities measured at fair value through
(1,277,298) (2,114,619) 9,164,531 (12,440,166) (12,637,154)
profit or loss
Export bills and other receivables (14,828,029) (9,403,150) (2,091,221) 6,744,495 (6,172,212)
Securities purchased under agreement to
17,419,447 3,900,820 (8,096,930) (24,236,324) (13,185,691)
resell
Loans (152,128,249) (106,917,972) (68,377,027) (80,715,775) (74,427,400)
Sharia receivables and financing (3,335,688) (1,354,828) 39,905,977 (23,299,281) (6,025,669)
Finance receivables (5,720,404) (9,996,487) (11,951,573) (23,148,260) (803,779)
Other assets (16,170,249) (2,941,947) 1,422,631 23,311,739 6,655,602
Increase (decrease) in operating liabilities:
Liabilities due immediately 5,741,228 6,175,192 3,261,813 7,924,262 (913,645)
Deposits:
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 29
Page 32
Description 2023 2022 2021 2020*) 2019
Demand Deposits (3,631,218) 129,165,393 35,741,846 16,022,216 (9,271,846)
Wadiah Current Account - - (6,258,078) 4,237,212 (256,984)
Saving Deposits 5,297,630 24,971,180 37,005,372 55,315,884 25,436,778
Wadiah Saving Deposits - (9,247,604) 2,295,916 1,349,877
Time deposit 48,778,336 15,004,224 (5,923,271) 13,175,897 55,810,139
Deposits from Other Banks and other
2,623,772 (3,994,882) (10,456,563) 5,816,168 8,838,671
financial institutions
Derivative Payables - - (208,079) 223,169 -
Securities sold under agreement to
9,081,866 (19,410,916) (11,070,164) (9,424,266) 12,523,543
repurchase
Others liabilities 7,072,077 5,698,879 235,264 (1,398,837) 1,252,567
Decrease of temporary syirkah fund - - (33,496,976) 8,678,142 3,859,957
Net cash provided by operating activities (4,971,454) 97,506,005 32,588,374 29,804,584 44,582,937
CASH FLOWS FROM INVESTING ACTIVITIES
Sales from premises and equipments 168,975 343,195 51,654 35,214 141
Investment in associated entities 36,137 (145,649) (315,724) (284,347) (228,110)
Dividend income 75,572 144,069 4,349 5,530 5,857
Acquisition of premises and equipments (8,177,296) (10,538,233) (8,254,116) (4,375,066) (3,695,364)
(Increase) available-for-sale and held-
to-maturity securities and Government - - - - (1,270,825)
Recapitalization Bonds
Decrease/(increase) in securities measured at
fair value through other comprehensive income 2,907,520 37,424,578 (64,581,768) (111,830,687) -
and amortized cos
Net cash provided by/(used in) investing
(4,989,092) 27,227,960 (73,095,605) (116,449,356) (5,188,301)
activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from/(payments of) borrowing 19,360,539 11,068,534 (4,229,199) 41,131,054 (9,592,989)
Distribution of dividend income (43,494,766) (26,406,603) (12,125,589) (20,623,565) (16,175,565)
Receipt of subordinated securities 494,142 - - - -
Payments of subordinated securities (500,000) - - - -
Proceeds from marketable securities issued 14,112,994 21,739,525 12,547,672 12,619,200 12,102,950
Payments of marketable securities due (28,141,850) (14,650,023) (14,608,236) (11,245,300) (4,419,500)
Additional capital 41,059,206 - -
Repurchased shares (1,382,284) (2,187,544) - - -
Net cash provided by/(used in) financing
(39,551,225) (10,436,111) 22,643,854 21,881,389 (18,085,104)
activities
NET INCREASE (DECREASE) IN CASH AND
(49,511,771) 114,297,854 (17,863,377) (64,763,383) 21,309,532
CASH EQUIVALENTS
EFFECT OF EXCHANGE RATE CHANGES ON
(2,663) (30,287) (2,190) (352,878) (160,251)
FOREIGN CURRENCIES
CASH AND CASH EQUIVALENTS AT
268,192,168 153,924,601 171,790,168 236,906,429 215,757,148
BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END
218,677,734 268,192,168 153,924,601 171,790,168 236,906,429
OF THE YEAR
PT Bank Rakyat Indonesia (Persero) Tbk.
30 2023 Annual Report
Page 33
Performance
Highlights
Description 2023 2022 2021 2020*) 2019
Cash and cash equivalents at the end of the
period consist of:
Cash 31,603,784 27,407,478 26,299,973 32,274,988 30,219,214
Current accounts with Bank Indonesia 101,909,121 150,935,150 56,426,573 51,530,969 71,416,449
Demand Deposits with Other Banks 22,331,919 21,488,434 14,065,097 12,266,266 10,237,736
Placement with Bank Indonesia and other
financial institutions - maturing within three 62,678,940 68,361,106 57,132,958 65,043,738 113,800,580
months or less since the acquisition date
Certificates of Bank Indonesia and Deposits
Certificates of Bank Indonesia - maturing within 153,970 - - 10,674,207 11,232,450
three months or less since the acquisition date
Total Cash and Cash Equivalent 218,677,734 268,192,168 153,924,601 171,790,168 236,906,429
FINANCIAL RATIO (BANK ONLY)
Liquidity
LDR 84.73% 79.17% 83.67% 83.66% 88.64%
Kualitas Kredit
NPL Gross 3.12% 2.82% 3.08% 2.94% 2.62%
NPL Nett 0.76% 0.73% 0.70% 0.80% 1.04%
NPL Coverage 215.27% 291.54% 278.14% 247.98% 166.59%
Profitability
NIM 6.84% 6.80% 6.89% 6.00% 6.98%
BOPO 64.35% 64.20% 74.30% 81.22% 70.10%
CER 38.32% 41.33% 44.39% 46.60% 40.26%
ROA 3.93% 3.76% 2.72% 1.98% 3.50%
ROE – Tier I 22.93% 20.93% 16.87% 11.05% 19.41%
Profit (loss) to income ratio 28.03% 29.50% 21.19% 13.27% 23.78%
Liabilities to Total Assets ratio 83.72% 83.23% 81.79% 86.33% 84.84%
Liability to Equity Ratio 480.70% 496.34% 449.11% 631.52% 559.45%
Earning Assets
Earning Assets and Non-performing Non-
Earning to Total Earning Assets and Non- 1.95% 1.72% 1.77% 1.82% 1.74%
Earning Assets
Non-performing Earning Assets to Total Earning
1.95% 1.72% 1.77% 1.81% 1.98%
Assets
Allowance for Impairment Losses on Financial
5.24% 6.11% 6.16% 5.42% 3.36%
Assets to Earning Assets
Capital
Minimum Capital Adequacy Ratio 25.23% 23.30% 25.28% 20.61% 22.55%
Capital Adequacy Ratio Tier 1 24.06% 22.30% 24.27% 19.59% 21.52%
Compliance
Percentage of Legal Lend ing Limit Violation
- Related parties Nihil Nihil Nihil Nihil Nihil
- Non-related Parties Nihil Nihil Nihil Nihil Nihil
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 31
Page 34
Description 2023 2022 2021 2020*) 2019
Percentage of Lending in Excess of Legal Lending Limit
- Related parties Nihil Nihil Nihil Nihil Nihil
- Non-related Parties Nihil Nihil Nihil Nihil Nihil
Reserve Requirement - Rupiah 8.05% 12.11% 4.47% 3.19% 6.15%
Reserve Requirement - Foreign Currency 4.22% 4.24% 4.13% 4.01% 8.07%
Net Open Position 0.62% 0.85% 0.81% 1.07% 1.87%
Other Ratio
Cost To Revenue Ratio (consolidated) 37.74% 41.95% 43.26% 45.40% 40.03%
*) Restated regarding the implementation of Statement of Financial Accounting Standards No. 38
**) Including mudharabah and musyarakah savings
***) Recognition of gold sales originating from PT Pegadaian is recognized since Pegadaian’s profit and loss is fully consolidated in 2022.
Operational Overview
Table of Micro Segment Operational Performance (Bank Only) (in billion Rupiah)
Description 2023 2022 2021 2020 2019
Micro Businnes
Number of Debtors (in millions 14.0 14.4 13.3 11.7 10.6
Third Party Funds (in millions) 373,474 367,657 356,268 335,422 296,563
Loan (in billion) 496,554 449,627 396,959 351,352 307,722
AgenBRILink (in full amount) 740,818 627,012 503,151 504,233 422,160
Table of Retail Segment Operational Performance (Bank Only) (in billion Rupiah)
Description 2023 2022 2021 2020 2019
Small and Medium Business Loan 260,337 237,834 224,940 217,219 220,202
Consumer Loan Business Loan 182,355 161,722 149,306 143,680 140,499
Third Party Funds 488,122 469,091 429,701 410,298 374,453
Table of Operational Performance of the Corporate Segment (Bank Only (in billion Rupiah)
Description 2023 2022 2021 2020 2019
Corporate Business 206,835 180,620 172,425 168,434 191,135
Third Party Funds 491,087 464,028 341,879 306,943 298,734
PT Bank Rakyat Indonesia (Persero) Tbk.
32 2023 Annual Report
Page 35
Performance
Highlights
Table of Operational Performance of Subsidiary Segments (in billion Rupiah)
Description 2023 2022 2021 2020 2019
PT Bank Raya Indonesia Tbk (Raya)*
Asset 12,492.37 13,949.38 16,927.20 27,966.39 27,067.92
Income 1,307.16 1,642.67 1,774.06 2,002.72 2,128.72
Net profit 24.71 10.08 (3,061.36) (66.92) 51.06
BRI Global Financial Service
Asset 24.23 17.98 13.09 8.48 8.84
Income 20.42 14.22 10.16 8.74 7.81
Net profit 4.24 2.75 1.89 0.62 0.14
PT Asuransi BRI Life
Asset 23,678.04 21,627.64 18,334.91 13,042.45 11,085.00
Income 8,940.41 8,971.24 7,282.29 5,889.76 5,198.00
Net profit 538.75 360.46 170.88 6.94 329.00
PT BRI Multifinance Indonesia
Asset 9,057.07 7,321.87 5,246.04 4,055.88 4,653.28
Income 1,236.43 974.12 65,501.95 493.28 475.93
Net profit 102.85 83.36 41.50 (27.47) 28.11
PT BRI Danareksa Sekuritas
Asset 1,059.17 1,648.17 1,143.64 1,095.48 808.95
Income 308.78 351.57 281.27 136.00 201.96
Net profit 70.52 72.97 92.87 (224.51) (93.00)
PT BRI Ventura Investama
Asset 2,672.05 2,176.79 2,047.89 1,822.75 1,514.49
Income 43.69 148.81 255.74 331.52 28.87
Net profit 4.36 39.63 221.74 304.39 11.00
PT BRI Asuransi Indonesia
Asset 6,465,61 4,891,25 3,838,16 3,048,87 2,662,00
Income 1,729,65 1,387,57 1,984,00 1,749,00 1,689,00
Net profit 479,37 373,10 289,95 173,88 181,00
PT Permodalan Nasional Madani
Asset 51,106.91 46,744.76 43,797.91 31,664.89 24,906.52
Income 15,375.03 12,838.44 8,292.78 5,776.26 4,924.09
Net profit 1,686.04 945.42 845.13 358.59 977.31
PT Pegadaian
Asset 82,151.80 72,920.62 65,156.47 71,469.00 65,324.00
Income 24,438.65 22,860.40 14,131.19 21,964.00 17,694.00
Net profit 4,377.49 3,337.75 2,427.38 2,022.00 3,108.00
PT BRI Management Investasi
Asset 288.82 276.52 279.91 - -
Income 175.91 11.95 158.27 - -
Net profit 18.16 6.27 40.37 - -
*Previously named PT Bank Rakyat Indonesia Agroniaga Tbk
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 33
Page 36
Stock Price
Information
Table of BRI Stock Information BRI 2022-2023
Price per share (Rp)
Number of Trading Market
Year shares outstanding Volume Capitalization
Opening Highest Lowest Closing (share) (share) (IDR Trillion)
(IDR) (IDR) (IDR) (IDR)
2023
Quarter I 4,940 4,940 4,380 4,730 151,559,001,604 8,714,928,828 716.87
Quarter II 4,730 5,600 4,730 5,425 151,559,001,604 6,896,127,336 822.21
Quarter III 5,425 5,700 5,200 5,225 151,559,001,604 6,702,353,028 791.90
Quarter IV 5,225 5,725 4,830 5,725 151,559,001,604 8,197,255,416 867.68
2022
Quarter I 4,110 4,730 4,070 4,660 151,559,001,604 9,847,834,944 706.26
Quarter II 4,660 4,940 4,150 4,150 151,559,001,604 10,014,869,236 628.97
Quarter III 4,150 4,610 4,040 4,490 151,559,001,604 9,976,170,272 680.50
Quarter IV 4,490 4,980 4,270 4,940 151,559,001,604 9,978,928,424 748.70
BRI Share Closing Price Chart for 2022-2023
7,000
5,725 6,000
5,425
5,225
4,940
Closing Share Price (IDR)
4,660 4,730 5,000
4,490
4,150
4,000
3,000
2,000
1,000
0
2022 2023
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
PT Bank Rakyat Indonesia (Persero) Tbk.
34 2023 Annual Report
Page 37
Performance
Highlights
BRI Share Trading Volume Chart for 2022-2023
12,000,000,000
10,000,000,000
Trading Volume (shares)
8,000,000,000
6,000,000,000
4,000,000,000
10,014,869,236
9,847,834,944
9,976,170,272
9,978,928,424
8,714,928,828
6,896,127,336
6,702,353,028
8,197,255,416
2,000,000,000
0
2022 2023
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
BRI Stock Price and Volume Movement Chart for 2022-2023
12,000,000,000 7,000
5,725 6,000
10,000,000,000 5,425
Trading Volume (shares)
5,225
4,940 4,730
4,660 5,000
Closing Price (IDR)
8,000,000,000 4,490
4,150
4,000
6,000,000,000
3,000
4,000,000,000
10,014,869,236
2,000
9,847,834,944
9,976,170,272
9,978,928,424
8,714,928,828
6,896,127,336
6,702,353,028
8,197,255,416
2,000,000,000
1,000
0 0
2022 2023
Quarter I Quarter II Quarter III Quarter IV Quarter I Quarter II Quarter III Quarter IV
Closing Price (IDR) Trading Volume (shares)
Corporate Action
In 2023, BRI did not carry out corporate actions related to activities that affect the number of outstanding shares, such as stock splits,
reverse stock, stock dividends, bonus shares, changes in the nominal value of shares, issuance of convertible securities, as well as
additions and reductions in capital.
Temporary Termination of Stock Trading (Suspension)
and/or Shares Registration (Delisting)
As of December 31, 2023. BRI has never been subject to sanctionts for temporarily suspending share trading (suspension) and/or delisting
shares (delisting).
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 35
Page 38
Information of Bonds, Sukuk, ,
and/or Conversion Bonds
Bond Information
Table of Outstanding Bonds Information
Electronic Bond Bond Amount
No. Description Tenor Currency
distribution date (million)
1. Shelf Registration Bonds II Bank BRI Phase I 2016 Series D December 01, 2016 7 years IDR IDR477,000
2. Shelf Registration Bonds II Bank BRI Phase I 2016 Series E December 01, 2016 10 years IDR IDR2,350,000
3. Shelf Registration Bonds II Bank BRI Phase II Year 2017 Series D April 11, 2017 10 years IDR IDR1,300,500
4. Shelf Registration Bonds II Bank BRI Phase III Year 2017 Series C August 24, 2017 7 years IDR IDR2,517,000
Shelf Registration Bonds II Bank BRI Phase IV Year 2018 Series
5. February 21, 2018 5 years IDR IDR1,837,000
A
6. Shelf Registration Bonds II Bank BRI Phase IV 2018 Series B February 21, 2018 7 years IDR IDR605,000
7. BRI Bank Subordinated Bonds III 2018 June 27, 2018 5 years IDR IDR500,000
8. Continuous Bonds III Bank BRI Phase I 2019 Series C November 07, 2019 5 years IDR IDR2,172,800
9. Global Bond 2018 July 20, 2018 5 years USD USD500
10. Sustainable Bond 2019 March 28, 2019 5 years USD USD500
11. Bank BRI Sustainable Bonds I Phase I Year 2022 Series A July 20, 2022 370 Days IDR IDR2,500,000
12. Bank BRI Sustainable Bonds I Phase I Year 2022 Series B July 20, 2022 3 years IDR IDR2,000,000
13. Bank BRI Sustainable Bonds I Phase I Year 2022 Series C July 20, 2022 5 years IDR IDR500,000
14. Obligasi Subordinasi IV Bank BRI Tahun 2023 July 6, 2022 5 years IDR IDR500,000
15. Bank BRI Sustainable Bonds I Phase II Year 2023 Series A October 17, 2023 1 years IDR IDR1,345,650
16. Bank BRI Sustainable Bonds I Phase II Year 2023 Series B October 17, 2023 2 years IDR IDR4,154,350
17. Bank BRI Sustainable Bonds I Phase II Year 2023 Series C October 17, 2023 3 years IDR IDR500,000
Sukuk Information
As of December 31, 2023, BRI has not issued any sukuk.
PT Bank Rakyat Indonesia (Persero) Tbk.
36 2023 Annual Report
Page 39
Performance
Highlights
Rating
Due Interest Payment
Bid Price Trustee
Date Rate status
2023 2022
100% of the principal AAA oleh Bank Negara
December 01, 2023 8.65% paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
December 01, 2026 8.90% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
April 11, 2027 8.80% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
August 24, 2024 8.25% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
February 21, 2023 6.65% paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
February 21, 2025 6.90% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal Bank Negara
June 26, 2023 7.70% paid off AA oleh Pefindo AA oleh Pefindo
amount bond id id Indonesia
100% of the principal AAA oleh Bank Negara
November 07, 2024 7.85% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
Baa2 oleh
99,696% d of the
July 20, 2023 4.625% paid off Moody’s & BBB- BBB- oleh Fitch BNY Mellon
principal bond
oleh fitch
BBB- oleh Fitch BBB- oleh Fitch
99.713% of the
March 28, 2024 3.950% Not yet paid off Rating Baa2 oleh Rating Baa2 oleh BNY Mellon
principal bond
Moodys Moodys
100% of the principal AAA oleh Bank Negara
July 30, 2023 3.70% paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
July 20, 2025 5.75% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal AAA oleh Bank Negara
July 20, 2027 6.45% Not yet paid off id AAA oleh Pefindo
amount bond Pefindo id Indonesia
100% of the principal Bank Tabungan
July 6, 2028 6.45% Not yet paid off AA oleh Pefindo -
amount bond id Negara
100% of the principal AAA oleh Bank Tabungan
October 27, 2024 6.10% Not yet paid off id -
amount bond Pefindo Negara
100% of the principal AAA oleh Bank Tabungan
October 27, 2025 6.35% Not yet paid off id -
amount bond Pefindo Negara
100% of the principal AAA oleh Bank Tabungan
October 27, 2026 6.30% Not yet paid off id -
amount bond Pefindo Negara
Conversion Bond
As of December 31, 2023, BRI has not issued convertible bonds.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 37
Page 40
Information on
Other Funding Sources
Table of Information for Medium Term Notes (MTN) Still Outstanding
Electronic distribution
No. Description date of MTN
Tenor Currency
1. MTN Bank BRI Year 2022 Series A November 24, 2022 2 years IDR
2. MTN Bank BRI Year 2022 Series B November 24, 2022 3 years IDR
Table of Information for Long Term Notes (LTN) Still Outstanding
Electronic distribution
No. Description date of MTN
Tenor Currency
Long Term Notes Made Without Going Through a Public
1. Offering of PT Bank Rakyat Indonesia (Persero) Tbk I Year December 27, 2022 162 Months IDR
2022
Long Term Notes Made Without Going Through a Public
2. Offering of PT Bank Rakyat Indonesia (Persero) Tbk II Year October 25, 2023 159 Months IDR
2023
Company Rating
2023
Rating Agency Rating
Standard & Poor’s (S&P)
Issuer Credit Rating BBB-
Stand-Alone Credit Profile (SACP) bbb-
Outlook Stable
Fitch Ratings
Long Term Rating BBB
Short Term Rating F2
Viability Rating bbb-
Government Support Rating bbb
National Long-Term Rating AAA
National Short-Term Rating F1+
Outlook Stable
PT Bank Rakyat Indonesia (Persero) Tbk.
38 2023 Annual Report
Page 41
Performance
Highlights
Number of MTNs
Bid price Due date Interest Rates Payment status
(Million)
100% of the principal amount
Rp2,000,000 November 24, 2024 6.60% Not yet paid off
of the MTN
100% of the principal amount
Rp3,000,000 November 24, 2025 6.98% Not yet paid off
of the MTN
Number of MTNs
Bid price Due date Interest Rates Payment status
(Million)
100% of the principal amount of
Rp52,332 June 27, 2036 0.55% Not yet paid off
the LTN
100% of the principal amount of
Rp59,485 January 25, 2037 0.55% Not yet paid off
the LTN
Rating Agency Rating
Moody’s
Long Term Counterparty Risk – Fgn Curr Baa1
Long Term Deposit – Fgn Curr Baa2
Long Term Debt – Fgn Curr Baa2
Short Term Counterparty Risk – Fgn Curr P-2
Short Term Deposit – Fgn Curr P-2
Baseline Credit Assessment Baa2
Adjusted Baseline Credit Assessment Baa2
Outlook Stable
PT Pemeringkat Efek Indonesia (Pefindo)
National Rating AAA, Stable Outlook
id
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 39
Page 42
Significant
Events
January 26, 2023 January 27, 2023 February 8, 2023
BRI held BRI Microfinance Outlook BRI distributed an Interim Dividend of BRI held an Analyst Meeting and succeeded
2023 regarding BRI’s Strategic Role in IDR 8.63 trillion as a result of its brilliant in closing 2022 with a brilliant performance,
Accelerating Financial Inclusion and ESG performance throughout 2022. namely the BRI Group succeeded in
Practices in Indonesia by presenting the recording positive performance by making
Indonesian Minister of Finance Sri Mulyani a profit of IDR 51.4 trillion at the end
and other keynote speakers. of 2022 and becoming the first bank in
Indonesia to earn a profit of more than IDR
50 trillion.
February 24, 2023 March 13, 2023 March 14, 2023
BRI received The Asset Triple A BRI distributed dividends amounting to The Euromoney Trade Finance Award 2023
International Award so that BRI’s ESG 85% of consolidated net profit throughout named BRI as Market Leader & Best Service
implementation is increasingly gaining 2022 or IDR 43.94 trillion. The dividend among all financial service providers in
worldwide recognition. distribution will be carried out at the 2023 Indonesia (domestic) and in Asia Pacific
Annual General Meeting of Shareholders (regional).
(AGMS).
April 10, 2023 April 21, 2023 April 27, 2023
For 2 (two) consecutive years, BRI was To make things easier for customers, BRI held an Analyst Meeting for the First
named Best Bank in Indonesia by Global BRI launched a feature to find merchant Quarter of 2023 and within a period of 3
Finance at the 30th Annual Best Bank locations on BRI’s Smart Virtual Assistant (three) months, BRI succeeded in making
Awards 2023. Sabrina via WhatsApp chat 0812-12-14017 a profit of IDR 15.56 trillion.
PT Bank Rakyat Indonesia (Persero) Tbk.
40 2023 Annual Report
Page 43
Performance
Highlights
May 5, 2023 June 6, 2023 June 13, 2023
BRI and Pegadaian held the Indonesia The government trusted BRI as the only BRI again won the award as the Largest
Coffee Festival (ICF), and the Main Director bank distributing bonuses for 2023 SEA Company in Indonesia according to Forbes
of BRI believed in the potential of coffee Games Athletes and Coaches. The Global 2000 in 2023. BRI ranked at
in Indonesia. the top among companies in Indonesia
and internationally; BRI ranked the best,
namely 307, an increase compared to last
year’s achievement of ranking 349 in the
world.
June 28, 2023 July 1, 2023 July 10, 2023
BRI succeeded in winning 9 international BRI was again the titling sponsor of the Danareksa Investment Management
awards at the 2023 FinanceAsia Awards in biggest football competition in Indonesia. changed its name to BRI Investment
Hong Kong. BRI believed that BRI Liga 1 was more than Management after officially becoming part
football, namely driving the economy, of the BRI Group.
especially the Indonesian football industry.
July 12, 2023 August 30, 2023 September 14, 2023
The Banker again named BRI as the BRI held an Analyst Meeting for the Second During the 2 years it was formed, Holding
number one bank in Indonesia in the list Quarter of 2023 with the achievement Ultra Micro (BRI-Pegadaian-PNM) to the
of Top 1000 World Banks 2023 and was of Micro Credit which grew 11.41%, BRI end of 2023 successfully served 37.7
ranked 109th in the world. became more resilient and managed to million MSME customers with total loan
record a profit of IDR 29.56 trillion. financing reaching IDR 494.78 trillion.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 41
Page 44
October 1, 2023 October 25, 2023 November 10, 2023
BRI again issued Green Bonds through BRI held an Analyst Meeting for Quarter III Commemorating 20 years of being listed
Environmentally Friendly Sustainable 2023 with the achievement of loan growth on the Indonesia Stock Exchange (IPO),
Bonds I Phase II in 2023 amounting to IDR of 12.5%. BRI got stronger by making BBRI shares have risen 61.5 times.
6 trillion. a profit of IDR 44.21 trillion in 9 (nine)
months.
November 30, 2023 December 10, 2023 December 16-17, 2023
BRI held a Public Expose Live with the MSMEs EXPO(RT) BRILIANPRENEUR BRI celebrated its 128th birthday on
theme Continuing to Transform, BRI 2023, which was previously opened by the December 16, 2023 and the peak event is
Optimistic of Closing 2023 with Brilliant President of the Republic of Indonesia on December 17, 2023 was marked by the
Performance. Joko Widodo, was officially closed by the BRILiaN Fest at Gelora Bung Karno Main
Main Director of BRI Sunarso. This event Stadium. The festival, which was enlivened
succeeded in recording a business matching by well-known Indonesian bands, was
sales value of 81.3 million US dollars or attended by more than 50,000 BRILians
around IDR 1.26 trillion (assuming an (BRI employee) and their families.
exchange rate of IDR 15,500 per US dollar).
PT Bank Rakyat Indonesia (Persero) Tbk.
42 2023 Annual Report
Page 45
Performance
Highlights
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 43
Page 46
Report of
The Board
of Directors
and Board
of Commissioners
In 2023, the Company has aspirations to
continue to grow strong and great by remaining
focused on growing in the MSME segment and
continuing transformation on the liability side
to be able to encourage increasingly sustainable
performance and continue to provide
value, both economic and social value to all
stakeholders.
PT Bank Rakyat Indonesia (Persero) Tbk.
44 2023 Annual Report
Page 47
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 45
Page 48
To our respected Shareholders and stakeholders,
With praise the presence of God Almighty
for all His mercy and grace, in 2023 BRI
continued its strong and great growth.
Consistency in continuing to innovate and
the right strategic response succeeded
in BRI recording a solid performance with
consolidated assets reaching Rp1,965
trillion, ann increase of 5.3% yoy. BRI’s
total loans and financing grew by 11.2%
to reach Rp1,266 trillion. Increasing
profitability with good risk management
enabled BRI to set a new record for Profit
with Net Profit reaching Rp60.4 trillion (an
increase of 17.5% yoy) at the end of 2023.
Please allow us to present the Company’s
management report for the 2023 fiscal
year. In this report we will present BRI’s
performance during 2023, business
prospects and the good corporate
governance implementation.
Sunarso
President Director
PT Bank Rakyat Indonesia (Persero) Tbk.
46 2023 Annual Report
Page 49
Report of The Board of Directors
and Board of Commissioners
Company Profile At A Glance BRI’s work network and BRI’s business partners cover regions
both at home and overseas. Domestically, BRI has 1 Head Office,
PT Bank Rakyat Indonesia (Persero) Tbk. is a company operating 18 Regional Offices, 18 Regional Audit Offices, 453 Branch
in the banking sector, the Company’s main activity is carrying Offices (including Special Branch Offices), 7,155 Sub-Branch
out its function as an intermediary institution, namely collecting Offices (including BRI Units, Cash Offices, and BRI Teras), 115
funds from the public in the form of savings, and providing loans Mobile BRI Teras, and 4 BRI Ship Teras spread across Indonesia.
to the public. In addition, the Company also offers digital banking BRI’s overseas office network has 6 Overseas Branch Offices and
services through mobile banking applications, transaction 3 Overseas Sub-Branch Offices located in New York, Cayman
services, investment services and other banking services. Islands, Singapore, Taipei, Timor Leste and Hong Kong. Overall,
BRI currently serves its customers through 7,764 work units,
In line with its activities, the Company offers products and services, 686,128 e-channel networks and 740,818 BRIlink agents.
including savings products that include BRI BritAma Savings,
BRI Simpedes Savings, BRI Junio Savings and their respective In carrying out its operational activities, BRI employs a total of
derivatives. Loan products include Micro Loans (Kupedes, 77,739 people at the following educational level: 10 employees
Kupedes Rakyat, KUR Micro), Consumer Loans (BRIguna, KPR BRI, with a PhD, 1,774 with a Master’s degree, 60,079 with a
BRI Credit Card, Ceria), Small Loans (KMK, KI, KUR Kecil), Medium Bachelor’s degree, 8,727 with a diploma, and 1,49 with a high
Loans (KI or KMK), Corporate Loans (KI or KMK) and other loan school/equivalent education.
products. Other products include Micro Insurance, KPR Loans Life
Insurance, and Mutual Fund Sales Agent. For its digital banking On the information technology side, BRI operates a reliable
services, BRI provides mobile banking applications (superapps), digital infrastructure with 3 (three) main pillars, namely:
namely BRIMo, to make it easier for customers to carry out 1. Digitizing Core, to increase productivity and efficiency and
banking transactions, corporate transaction services through the create reliable customer service, through business process
Cash Management System and BRICams, Institutional Services, reengineering. This strategy produces products and services
Business and Financial Services, BRILink Agent, International including BRISPOT, BRILink Agent, BRImo and Qlola.
Business Services, BRIfast Remittance, Treasury Services, 2. Digital Ecosystem, to create a digital-based platform and
Investment Services, and BRI Prioritas. carry out massive collaboration with the digital ecosystem
(Bank as a Platform) to offer new products and services
When providing services to all its customers, BRI applies a hybrid outside the Bank’s main business, including BRI API, Digital
bank concept that combines the presence of a network of work Ecosystem Platform (Pasar.id , BRISMART, BRIMOLA, and
units and branchless banking (BRILink Agents) spread throughout others), Partnership with P2P, E-Commerce and Ride Hailing.
Indonesia, coupled with competent financial advisors with digital 3. New Digital Proposition, to create a new business model
capabilities. The combination of the three provides banking services through a new digital proposition with a fully digital approach
that are more effective, efficient and integrated in accordance with to produce products and services including Digital Savings,
the digital literacy journey of the Indonesian people. Digital Loans (Ceria, Traveloka Paylater) supported by Big
Data Analytics and Artificial Intelligence (BRAINBRAIN).
Board of Directors’
Report
As of December 31 2023, BRI’s consolidated total assets were able to
grow 5.3% to Rp. 1,965 trillion, driven by credit and financing, which
reached Rp. 1,266 trillion or grew by 11.2% year on year.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 47
Page 50
BRI’s 2023 Performance in 2023 still recorded growth of 5.05%, supported by strong
domestic consumption and accelerated investment, along with
Overall, in 2023 the Company delivered a good performance both the continuation of national post-pandemic strategic projects.
from an operational and financial perspective. The Company The solid national economic growth was also supported by a
implemented a number of effective strategies, including controlled inflation rate, so that people’s purchasing power
selective loan growth and a focus on quality, mastering the fund could be maintained. Domestic inflation declined in 2023 to
ecosystem in an effort to maintain sustainable savings growth, as 2.61%, from the previous year’s 5.51%. In the financial market,
well as optimizing synergies with BRI Group subsidiaries. In this the Rupiah exchange rate against the US Dollar was maintained
section of the performance report, we also provide a overview of and recorded an appreciation of 1.1% throughout 2023. The
economic conditions at the global, national and banking industry Rupiah’s performance was relatively better compared to several
levels in Indonesia. Economic performance is an important factor peer country currencies such as the Philippine Peso, Indian Rupee
that can influence the Company’s performance. and Malaysian Ringgit.
Economic Analysis The continued strength of the national economic was also
reflected in the robust performance of the banking industry in
After the contraction in economic growth in 2020 due to the 2023. In general, banking intermediation was still quite good,
Covid-19 pandemic, the global economy still faces challenges although relatively slow compared to 2022. On a year-on-year
so it has not been easy to quickly return and recover to pre- basis, banking loans grew 9.7% in November 2023, lower than
pandemic conditions. Up until the end of 2023, there were at the same period in 2022 of 11.3%. However, loan growth has
least four challenges facing the world economy, namely (1) high been on an upward trend since July 2023. Meanwhile, in terms
global inflation trends, driven by inflation due to supply chain of funding, banking industry liquidity was relatively limited and
disruption, high commodity prices, and El-Nino which impacted tended to tighten. On a year-on-year basis, Third Party Funds
food prices, (2) uncertain geopolitical conditions, (3) tightening (TPF) grew 3.0% in November 2023, from 8.9% in the same
global monetary policy, and (4) China’s economic growth that period in 2022. Meanwhile, banking resilience remains well
was lower than expected. However, despite the series of shocks maintained, as reflected in strong capital and low loan risk. The
over the last four years since the Covid-19 pandemic, the global Capital Adequacy Ratio (CAR) was at a high level of 27.86% in
economy has proven to still be quite resilient, especially in November 2023. Loan risk also remained under control, reflected
developing countries. Most developing countries, including in the low non-performing loan (NPL) ratio of 2.36% (gross) in
Indonesia, are quite adaptive and agile in dealing with inflationary November 2023. With the economic and industrial conditions,
pressures and tight monetary policy. as well as possible challenges that will be faced in 2024, BRI
has set a loan growth target of 11-12% yoy. Of course, BRI will
Global economic growth in 2024 is predicted to be slower than continue to focus on the MSME segment to achieve its aspirations
in 2023. This has been seen in the persistent downward trend in of becoming The Most Valuable Banking Group in Southeast Asia
leading economic indicators (LEI) in major countries in the world, and Champion of Financial Inclusion by 2025. With the national
especially the United States (US), China and the European Union. economic structure dominated by MSMEs, providing loans to
There are at least three main challenges that need to be watched MSME players is expected to create a high multiplier effect, so
out for in the future, in line with the dynamic and fluctuating rate that it can have a significant positive impact on the Indonesian
of global economic growth. First, the global inflation trend is still economy.
historically quite high. Second, geopolitical conditions are still
uncertain, and could trigger further disruption in the supply chain With various economic and industrial conditions, as well as
of primary necessities and energy commodities, which could have possible challenges that will be faced in 2024, BRI has set a
an impact on increasing global inflation. Third, China’s economic financing growth target of 11-12% year on year. Of course,
recovery is lower than previously estimated due to slowing BRI will continue to focus on the MSME segment to achieve its
industrial activity and consumer demand. The combination of aspirations of becoming The Most Valuable Banking Group in
these challenges is expected to still have an impact on the global Southeast Asia and Champion of Financial Inclusion by 2025.
economy in 2024. With the national economic structure dominated by MSMEs,
providing loans to MSME players is expected to create a high
Meanwhile, on the domestic side, the Indonesian economy multiplier effect, so that it can have a significant positive impact
throughout 2023 remained strong, although growth was on the Indonesian economy.
relatively slower than the previous year. The Indonesian economy
PT Bank Rakyat Indonesia (Persero) Tbk.
48 2023 Annual Report
Page 51
Report of The Board of Directors
and Board of Commissioners
Company Performance Despite the macroeconomic challenges, BRI maintained a solid
business growth throughout 2023. BRI still provided optimal
In 2023, the Company had aspirations to continue to grow values, both economic and social values, for all of the Company’s
stronger and greater by remaining focused on growing in the stakeholders, and continued to be on the right track to achieve
MSME segments and continuing transformation on the liability the Company’s 2025 vision. The Most Valuable Banking Group in
side to encourage increasingly sustainable performance and Southeast Asia and Champion of Financial Inclusion.
continue to provide value, both economic and social value to all
stakeholders. The Company’s Financial Performance
In responding to global and national economic conditions as As of December 31 2023, BRI’s consolidated total assets grew
well as banking industry conditions, BRI has established strategic by 5.3% to Rp1,965 trillion, driven by loans and financing that
strategies and policies. In formulating strategies and strategic reached Rp1,266 trillion, an increase of 11.2% year on year. BRI
policies, the Board of Directors plays a role in reviewing, directing continued to distribute loans and financing to the Micro, Small
and approving the established strategies. The Board of Directors and Medium Enterprises (MSME) segment, which reached 84.39%
always ensures strategy implementation through various of BRI’s total loans and financing distribution, or Rp1,069 trillion,
directions in various meetings, approval of the Company’s where BRI’s flagship segment, Micro and Ultra Micro contributed
operational decisions and review of the Company’s reports. 48.26% of total loans and financing. Over the long term, BRI will
continue to be committed to increasing this composition to 85%.
Strengthening Retail Banking Capabilities
By following the theme of strengthening retail capabilities, the The growth in loan distribution and financing to the MSME
Company’s aspirations included transforming its liabilities by segment is mainlt due to the contribution of Ultra Micro
strengthening its funding base with a focus on low-cost funding Holding, which consists of BRI, Pegadaian and PNM, which was
from CASA. CASA acquisition was encouraged through transaction established in September 2021. Pegadaian loans grew by 14.43%
control so as to be more sustainable. In addition, the Company to Rp67.6 trillion, while PNM loans grew by 10.58% or Rp47.1
optimized its pyramid of segments from micro to corporate to trillion. In addition, BRI’s Micro and Ultra Micro loan segments
become one ecosystem, with funding turno-ver flow through the recorded solid growth of 10.44%, to reach Rp496.6 trillion. The
creation of an integrated value chain. BRI Micro segment loan growth was supported by the growth in
BRI’s commercial micro product, namely Kupedes, which year
Encouraging Customer Graduation on year grew aggressively by 64.32%, to reach Rp212.3 trillion.
In 2023, the Company recorded strong growth in commercial Kupedes’ strong growth is in line with the Company’s aspirations
loan products in the micro segment, namely Kupedes. The strong to encourage customer graduation to commercial products
growth in Kupedes products was in line with the Company’s in line with increasing business capabilities, as well as to make
aspirations to continue to encourage customers to upgrade to KUR products the spearhead for increasing financial inclusion
higher segments in line with increasing business capabilities by providing access to financing to customers who have never
received commercial financing facilities. In 2023, BRI disbursed
Strengthen Risk Management KUR amounting to Rp163.3 trillion, down from the previous year’s
BRI is committed to continuing to maintain asset quality by Rp252.4 trillion, in line with the reduction in the quota provided
continuing to perfect the risk management system, including by the Government in 2023, namely Rp194.4 trillion. However,
developing a more comprehensive early warning system, using BRI remains committed to continuing to be the Government’s
dynamic Repayment Capacity (RPC), developing loan officer main partner in KUR disbursements.
capabilities, as well as improving loan risk scoring and integrated
value chain-based pipeline management using BRISPOT to The MSME segment growth was also supported by impressive
encourage more prudent loan distribution. growth in the Consumer segment that increased by 13.4% year
on year to reach Rp190.0 trillion mainly driven by BRIGUNA and
BRI Group Synergy KPR products, which respectively grew by 10.5% and 17.0% year
Strengthening business and non-business synergies between on year. Development of digital-based products and services,
entities under the BRI group, both between BRI Parent and including the presence of BRIGUNA digital, contributed 62.75%
Subsidiaries, and among Subsidiaries to support improving the of the total new BRIGUNA customers. BRI also continued to
Company’s overall performance. Cross-selling, funding synergy support the Government’s program to encourage community
and increasing human capital capabilities through career occupancy rates by distributing 23,241 FLPP KPR units in 2023.
mobility programs. The SME segment also recorded good momentum with selective
growth of 8.6% year-on-year.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 49
Page 52
Meanwhile, BRI’s Corporate segment loans grew solidly, reaching BRI wholesale banking services such as cash management, trade
Rp197.7 trillion, an increase of 13.8% year on year, with this finance, supply chain management, foreign exchange, investment
growth focused on efforts to strengthen wholesale funding and services and financial dashboard services. Strengthening CASA in
transaction banking such as trade finance, cash management the retail segment is also reflected in the increase in customer
and forex transactions as well as creating a pipeline for the MSME transactions in BRILink and BRImo Agent services that provided
segment through optimizing the corporate business value chain. an optimal contribution to BRI’s profitability performance. During
Growth in the corporate segment was also driven by increased 2023, BRILink agents recorded a total of 1.1 billion transactions
funding support from BRI Parent to Subsidiaries to optimize BRI with a total value of Rp1,427 trillion, an increase of 10.0% year
Group synergies. on year compared to last year. BRImo also recorded an increase
in transaction value of 55.8% year on year, reaching Rp4.159
In 2023, BRI’s strategic focus was on strengthening BRI’s retail trillion.
banking capabilities, especially in terms of collecting more stable
and sustainable Current Account Saving Accounts (CASA). This This solid performance was also demonstrated by achieving a
strategy produced consolidated BRI savings results that grew net profit of Rp60.4 trillion, an increase of 17.54% year on year.
by 3.9%, to reach Rp1,358 trillion, with a CASA ratio of 64.35%, BRI’s profitability performance achievement was driven by BRI’s
higher than the pre-pandemic period. Growth in low-cost CASA net profit on a bank only basis of Rp53.1 trillion, an increase
will continue to be the main focus of BRI’s funding sources. of 11.1%. The main driver of BRI’s profit growth came from
the ability to manage growth in net interest income, fee-based
CASA collections were supported by BRI’s strategy to increase income, recovery income, as well as operational expenses, and
customer transactions in the Retail and Wholesale segments. In reserve efficiency.
the Retail segment, CASA collection is supported by optimizing
transactions through BRILink Agents, mobile banking (BRImo) BRI’s topline performance recorded impressive results. BRI’s
and digital payment platforms (BRI API), as well as by expanding consolidated Net Interest Income (NII) grew by 7.4% year on year
merchant acquiring acceptance. Meanwhile in the Wholesale due to management of loans and financing assets that provided
segment, CASA collection is optimized through the development competitive interest rates and optimal liquidity management.
of an integrated digital payment platform for corporate The BRI interest rate can be seen in the Basic Loan Interest Rate
customers, namely Qlola, which provides comprehensive access to (SBDK) as follows:
Loan Interest Rates (SBDK) as of December 31, 2023
Loan Segments Interest rate
Micro Loans 14.00%
Retail Loans 8.25%
Consumer Loans (KPR) 7.25%
Consumer Loans (Non KPR) 8.75%
Corporate Loans 8.00%
BRI savings products interest rates were as follows:
Savings counter rates as of December 31, 2023
Product IDR Interest Rate USD Interest Rate
Current Accounts 0.00% - 2.00% 0.05% - 0.15%
Savings 0.00% - 1.75% 0.08% - 0.25%
Deposits 2.25% - 4.00% 1.00% - 2.25%
PT Bank Rakyat Indonesia (Persero) Tbk.
50 2023 Annual Report
Page 53
Report of The Board of Directors
and Board of Commissioners
Fee-based income and other operational income grew to Rp42.8 In terms of asset quality, BRI still faced challenges in completing
trillion, an increase of 16.6% year on year, where the Company the restructured loan portfolio due to Covid-19. BRI’s Non-
posted fee-based income of Rp20.7 trillion, an increase of Performing Loan (NPL) ratio stood at 2.95% in December 2023,
10.3% from the same period last year. This fee-based income a slight increase from the same period last year. This was in line
achievement was in line with the growth in fee income for Trade with the Company’s strategy to accelerate the completion of
Finance and International Banking services that grew 34.9% in restructured loans due to Covid-19. However, we still maintained
line with the transformation in wholesale banking focused on sufficient reserves, as can be seen in the NPL Coverage ratio that
strengthening transaction banking and trade finance. remained at 229.09%, and the Loan-Loss Reserve (LLR) ratio
that was still high at 6.75%, above the pre-pandemic period of
Also, BRI maintained its operational cost efficiency as seen 4-5%. However, Loan-at-Risk (LAR) continued its downward trend
in year-on-year growth of 3.3%. This had an impact on the from 16.54% in 2022 to 12.47% in 2023, driven by a decline in
consolidated Cost to Income ratio (CIR) that fell to 41.89%. portfolios restructured due to Covid-19 from Rp107.2 trillion at
the end of the year 2022 to Rp54.5 trillion at the end of 2023.
With this strong business growth and profitability, BRI maintained
its financial ratios at a good level. The Bank’s Loan to Deposit BRI also maintained its capital conditions at a strong level
Ratio (LDR) stood at 84.22% on a consolidated basis and 84.73% with CAR reaching 27.48% (consolidated) or 25.23% (bank
on a bank only basis, indicating that the Company’s liquidity only), above the minimum regulatory requirement of 17.5%
condition is adequate to support future business growth. BRI’s (after taking into account the implementation of Basel 3), and
profitability ratio was positive and experienced an increase the Company’s risk appetite of 19%. With this very adequate
as shown by the Return on Asset (ROA) After Tax and Return capital adequacy ratio, BRI can anticipate all the main risks that
on Equity (ROE) Balance Sheet ratios of 3.24% and 19.95% occur in bank management, including market risk, loan risk and
respectively. operational risk, as well as support the long-term future business
growth.
Achievement of Company Target
Overall, BRI on a bank only basis achieved and even exceeded the 2023 performance targets set, detailed below:
Financial Target and Realization Comparison (bank only, in millions of Rupiah)
December 2023
Description
Target Realization Achievement
Asset 1,784,070 1,835,249 102.87%
Interest income 145,906 146,918 100.69%
Loans Disbursed 1,148,723 1,146,083 99.77%
Third-party funds 1,340,304 1,352,683 100.92%
Net profit 52,209 53,153 101.81%
Capital Adequacy Ratio (CAR) 24.72% 25.23% 102.04%
Cost to Income Ratio (CIR) 40.84% 37.74% 107.05%
The Company’s Non-Financial Performance
BRI’s financial performance achievements were also supported by transformation in the aspects of Human Capital, Information
Technology, Networks, as well as other programs that supported the Company’s business sustainability.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 51
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Human Capital In 2023, BRI achieved a number of proud achievements when
implementing the 2021-2025 Information Technology (IT)
In 2023, Bank Rakyat Indonesia (BRI) established a strategic strategic plan using the “GREAT” framework (Grooming
human capital theme in line with the Company’s annual focus breakthrough innovation, Resilient IT platform, Excellent data-
on strengthening Retail Banking capabilities. These efforts driven organization, Agile 10x governance, and Transformation
focus on increasing capabilities, productivity, synergy between of digital talent). BRI recorded extraordinary growth in digital
BRI Group units, as well as implementing Environmental, Social transactions, reaching 98.95% of total transactions via digital
and Governance (ESG) and People Analytics. BRI emphasizes platforms. The BRImo application showed a significant increase
perfecting human capital strategies, revitalizing marketers in the number of new users, total transactions and transaction
through the Brilian Marketing Specialist Program, increasing volume. In addition, BRIAPI utilization increased substantially,
capabilities through education, and adjusting career path serving more than 23 digital ecosystems with more than 1,000
policies. Programs such as Pinca Metropolitan onboarding and partners. The implementation of artificial intelligence (AI),
performance bootcamps were launched to increase productivity, especially through Sabrina, has proven itself to be an effective
while the Respectful Workplace Policy (RWP) Declaration supports customer handler with an increasing number of messages served
the commitment to ESG. BRI also continued to strengthen its and increased satisfaction levels.
Human Capital Management through human capital maturity
assessments in the BRI Group aimed at developing a work In the infrastructure sector, all three BRI data centers obtained
program roadmap to help Subsidiaries manage human capital Tier III certification from the Uptime Institute, confirming the
more effectively. reliability of their technological foundation. BRI also shows
commitment to information security with a comprehensive
Developing employee competency is also a top priority for the cyber security policy, continuous monitoring of cyber threats,
Company. Competency development is carried out through and a high IT maturity assessment in accordance with COBIT
various programs, including education, training and certification 2019 standards. This confirms BRI’s commitment to continue
that can be offline or online through the digital learning platform supporting business growth through a reliable and secure digital
(BRISMART). In 2023, the educational program consisting platform.
of offline classes and online classes were held. BRI remains
committed to developing the competency of all its employees In addition, in 2023 BRI carried out an IT Maturity Assessment in
by providing equal opportunities for all employees to take part in accordance with the Ministry of BUMN mandate reaching a score
competency development programs that are held regardless of of 4.66 out of 5.00 points based on COBIT 2019 best practice.
the employee’s position level, education or gender. BRI also proved its digital maturity capabilities with Level 2
achievements (score 80.50 out of a total of 100 ), in accordance
BRI is committed to maintaining a conducive, safe and with the Financial Services Authority assessment guidelines.
comfortable work environment. One of the ways BRI monitors
this is by measuring the level of employee engagement with the Sustainability Performance
Company through an Employee Engagement Survey (EES), where
the BRI employee engagement index increased to 3.49 (scale 4) As a form of BRI’s support for Sustainable Finance, BRI has
in 2023, compared to 3.48 in 2022. instigated initiative strategies in the field of Environment, Social
and Governance (ESG) in both the Company’s operational and
Information Technology business activities. BRI consistently maintains the Company’s
good performance by implementing Sustainable Finance and
In line with the Company’s business development, BRI operates contributing to the achievement of Sustainable Development
quality information technology to support its business goals, Goals (SDGs). Efforts to accelerate this achievement are carried
especially in digital business development. BRI Digital and out by aligning corporate strategy, fulfilling stakeholder
Information Technology is now an Enabler and Strategic expectations and initiating ESG that refes to national, regional
Thought Partner for the business world due to innovation and and global standards. In 2023, BRI strengthened its commitment
collaboration between IT and the business world to create by joining the United Nations Global Compact (UNGC), and by
safe and responsive solutions, products or services based on establishing a baseline year in an effort to reduce the Company’s
customer needs (customer centric). BRI’s Digital and Information greenhouse gas emissions, and by establishing Net Zero Emission
Technology also continues to build IT platform capabilities, agile Targets for 2050. As a result, BRI maintained this performance as
governance and digital talent to make it an innovative and data- reflected in ESG rating scores from international rating agencies
driven organization to achieve the Company’s strategy. such as S&P Global, MSCI, and Sustainalytics.
PT Bank Rakyat Indonesia (Persero) Tbk.
52 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
2. Focus on Quality of Growth
Corporate Social Responsibility
Productive assets growth with maintained quality focusing
on assets with high returns and acceleration of new sources
Through its work units spread throughout Indonesia, BRI is
of growth;
committed to community development and environmental
3. Optimizing Subsidiary Company Synergies
preservation activities to achieve the Sustainable Development
Acceleration of increasing the business scale of Subsidiaries
Goals through the Social & Environmental Responsibility
either through synergy or inde-pendently, and expanding the
Program under the BRI Peduli brand. BRI Cares TJSL is guided by
scope of the Par-ent Entity’s business, completing the Post
the Triple Bottom Line concept, namely Pro People, Pro Planet
Im-plementation Plan for UMI as a source of new growth in
and Pro Profit, in line with the Company’s social values and
line with the implementation of BRI one culture;
business values and in line with BRI’s Environmental, Social &
4. ESG Principle Implementation
Governance (ESG) strategy.
Committing to implementing business manage-ment
principles that follow the good business governance values
BRI Peduli prioritizes focusing on the fields of Education,
to have a positive impact on the environment (deliver value
Environment and Micro and Small Business Development. The
beyond profit);
activities carried out include building schools in disadvantaged,
5. Excellence Enablers
frontier and outermost areas, scholarships for sons and daughters
Continuing to strengthen employee capabilities, system
of Micro and Small Business ownres in BRILiaN Villages, urban
reliability, services and networks, as well as analytical data to
farming in densely populated areas (BRInita), waste management
provide superior quality banking services
in leading markets and community waste bank (Yok Kita GAS-
Anti-Waste Movement), planting mangroves, productive trees
and coral reefs (BRI Menanam) as well as increasing Women
Empowerment. Through BRI Peduli, we strive to implement Important Events Expected to Occur in
programs that are integrated, targeted and have a measurable the Future and Business Prospects
impact, so they can provide wider benefits for society and the
environment. Global economic developments are still shroud-ed in uncertainty
and tend to experience pres-sure. Projections from the
Obstacles Faced by The Company International Mone-tary Fund/IMF (October 2023) and the
Organiza-tion for Economic Cooperation and Develop-ment/
This solid performance came despite many challenges faced OECD (September 2023) showed that global economic growth
during 2023. The unfavorable geopolitical conditions due to the in 2023 would be lower than the previous year. Furthermore,
Ukraine-Russia and Israel-Palestine conflicts have clearly resulted global economic growth in 2024 is also expected to slow further.
in disruption of the supply chain for primary goods and had an The estimated slowing economic pace is actually starting to be
impact on increasing global inflation. The reference interest reflected in sever-al global macroeconomic indicators that are
rates at most central banks that remain stuck at high levels also ex-periencing a decline.
affected the financing market, and ultimately contributed to By September 2023, there were at least four indicators that
suppressing the rate of global economic growth. Despite this, the reflected the rate of global eco-nomic slowdown, namely: (1) The
competitive map is changing along with the massive development movement of the Purchasing Manager Index (PMI) that has slowed
of financial technology and competitor innovation. down since May 2023, especially in the manufacturing PMI that is
in the contractionary zone, (2) The decline in the rate of exports,
Internally, BRI still faces the challenge of optimizing performance where countries such as China and the US, saw a decrease in
related to the Company’s capabilities in accelerating the retail world demand, (3) a decrease in ac-tive job vacancies in many
and consumer business, subsidiary business, and controlling countries, which im-plies a decrease in production activity, and
costs. BRI’s performance overall is still supported by loan (4) the rate of decline in the Leading Economic In-dicator (LEI) in
activities, so the ability to generate non-interest income still various countries in the world. Of these four factors, the decline
needs to continue to be improved. in the LEI is one of the main indicators indicating that the pace of
the global economy will slow down further in the future.
Based on this, during 2023 BRI took several stra-tegic steps,
including: Indonesia’s economic growth in 2024 is predicted to remain
1. CASA Sustainability strong, but will slow down slightly compared to 2023. This can be
Increasing CASA market share, by developing the ecosystem seen in the movement of Indonesia’s LEI that is decreasing and
through territorial control & referrals relying on transaction growing contractively. Some of the challenges that will be faced
tools & cash in/cashout capability; during 2024 include global economic growth that is expected to
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 53
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continue to slow, the potential for increased inflation from supply 4. Implementation of ESG principles
chain disruption due to global economic uncertainty and the El- Committed to managing business in line with the principles
Nino phenomenon that is expected to continue until mid-2024, of good business governance in order to provide positive
as well as expected tight monetary policies in line with the still value for the environment (deliver value beyond profit).
high central bank interest rates in developed countries.
These strategic responses will encourage BRI to continue to grow
On the other side, in the short term there are several driving sustainably to realize BRI’s vision as ”Most Valuable Banking
factors that can support national economic growth, including Group in South East Asia & Champion of Financial Inclusion”.
the potential for increased Government spending to support
slowing public consumption, the continuation of infrastructure
projects that were delayed due to the pandemic, the potential for Corporate Governance
domestic and foreign investment in the energy and commodity
sectors, as well as the general election in 2024. In these The Company’s performance achievements are the result
conditions, Indonesia’s economic growth is estimated to grow by of effectively and efficiently implementing good corporate
4.89-5.18% in 2023 and 4.81-5.10% in 2024. governance. BRI ensures that the five GCG principles, namely
transparency, accountability, responsibility, independence and
By considering various economic conditions, BRI continues to fairness, have become the basis for implementing the Company’s
strive to respond with various policies that will be implemented business. These five principles are implemented by fulfilling the
by the company to support the achievement of a sustainable interests and fair treatment of the Company’s stakeholders;
business. BRI Group continues to strengthen its internal disclosure and transparency of Company information; as well
capabilities by carrying out continuous transformation in the as the function of monitoring and providing advice to the Board
pillars of its business growth strategy, especially the Micro, SME, of Directors as part of the Board of Commissioners duties and
Consumer and Subsidiary Company segments, while still paying responsibilities.
attention to Good Corporate Governance and risk control.
BRI continues to be committed to improving and perfecting the
BRI’s future business performance will still be supported by implementation of good corporate governance on an ongoing
credit activities so the ability to generate non-interest income basis. Active participation from the company’s Top Management
still needs to be improved. BRI’s innovation and exploration and all BRILian People is a driver in realizing good corporate
of new sources of growth have implications for the company’s governance in the Company. BRI’s commitment to governance
increasingly complex business. Internal dynamics and the business is proven through internal evaluations or recognition from
environment require BRI to be agile in responding to challenges independent third parties. The results of this evaluation are
so as to be careful in optimizing business opportunities both positive input for the company in improving the implementation
now and in the future. So, oriented towards the Company’s long- of sustainable governance.
term aspirations, BRI will continue to focus on strengthening
retail banking capabilities as a strategic priority in 2024 with the Fulfillment of Shareholders’ Rights
following:
1. More productive management of assets & liabilities The Company is dedicated to providing protection, transparency
Continuing stable and sustainable CASA accumulation, and added value to shareholders, as owners of the Company.
selective expansion in assets with high yields, as well as For this reason, the Company continues to be committed to
improving asset quality in the Micro and Small segments. providing fair and equal access to information to all shareholders,
2. Diversify sources of growth formulating a fair and consistent dividend policy, paying special
Encouraging stronger revenue generation through attention to the rights of minority shareholders, complying
strengthening the capabilities of the Retail segment with applicable regulations and obligations, and continuing
(Consumer, SME), focusing on integrating the UMI holding, as to strive to increase value for shareholders by implementing
well as strengthening the business of Subsidiaries as a source sustainable growth strategies, product and service innovation,
of consolidated growth. and operational efficiencies to achieve optimal financial results.
3. Reliability of operational support
Focus on strengthening Human Capital competencies and
digital capabilities, improving customer experience, risk
management and data analytics, as well as operational
excellence.
PT Bank Rakyat Indonesia (Persero) Tbk.
54 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
Equal Treatment for All Shareholders The Board of Commissioners Responsibilities
The Company has instigated policies with the aim of supporting BRI’s Board of Directors and Board of Commissioners act on
and ensuring fair and equal treatment to protect the basic rights behalf of all shareholders in formulating overall policies and
of all shareholders. Several aspects of these policies include carrying out supervision to ensure that the Company’s operations
granting 1 (one) voting right for each share ownership (one run efficiently and grow sustainably. All Board of Directors’
share one vote), providing equal access to information through responsibilities are measured through Key Performance Indicators
different channels, including Investor Relations, the Company (KPI) that have been approved by shareholders, the Board of
website and other publications, as well as policies on insider Commissioners and the Board of Directors. In addition, the
trading, and transactions involving related parties. supervisory function carried out by the Board of Commissioners
is outlined in the Board of Commissioners’ work program that is
Sustainability Governance regularly reported through the GMS.
Sustainability is a paradigm for achieving financial performance Integrated Governance
while still balancing good ESG (Environmental, Social,
Governance) interests to produce added value, increase As a mitigation measure against potential risks in the BRI
competitiveness and resilience of BRI as well as contribute to the Financial Conglomerate, and with the aim of improving the
nation’s progress and long-term environmental sustainability. quality of the implementa-tion of good governance principles
BRI states its commitment to sustainability is reflected in and ensuring the business continuity of financial entities with-
BRI’s mission, namely providing optimal profits and benefits in the conglomerate, BRI implements integrated Governance
to stakeholders by paying attention to sustainable financial based on the Good Corporate Gov-ernance Governance principles
principles and Good Corporate Governance (GCG) practices. Since (Transparency, Accountability, Responsibility, Independence,
2021, BRI has established an ESG structure and governance with Fairness).
the aim of directly monitoring the company’s ESG performance
and disclosure through the formation of Risk Management and During 2023, BRI improved the Integrated Governance framework,
Environmental, Social & Governance (ESG) Committees. established a parenting style for managing subsidiaries, and
evaluated the level of maturity in implementing Integrated
In addition, in order to strengthen ESG governance, BRI has Governance and carrying out duties in each integrated work unit
issued a Sustainability Policy and Strategy which is regulated within the BRI Financial Conglomerate.
in the Circular Letter of the BRI Directors Number: SE.52-DIR/
ESG/10/2022 Dated 5 October 2022 concerning Sustainability Development of Corporate Governance
Policy and Strategy (Sustainability Policy & Strategy). ) PT Implementation in 2023
Bank Rakyat Indonesia (Persero) Tbk. Strengthening BRI’s ESG
governance is supported by the existence of a new organizational BRI implements Good Corporate Governance based on the of
structure that specifically handles ESG management in Transparency, Accountability, Responsibility, Independence
accordance with Decree NOKEP: 575-DIR/PPM/04/2022 dated 12 and Fairness prin-ciples, which are carried out by focusing on
April 2022 and has been updated with BRI Directors Decree Nokep: as-pects of Governance Structure, Governance Pro-cess and
102-DIR/PPM /01/2024 dated January 10 2024 concerning Governance Outcome. BRI’s Good Cor-porate Governance
Environmental, Social & Governance (ESG) Committee PT. Bank policies and practices refer to applicable regulations, both those
Rakyat Indonesia (Persero) Tbk. issued by the Financial Services Authority, the Ministry of State-
Owned Enterprises and other statutory provisions. BRI always
Disclosure and Transparency ensures that its Good Cor-porate Governance practices comply
with stand-ards applicable in the industry at both national and
To ensure equal access to all stakeholders, BRI transparently international levels.
conveys the Company’s financial condition and non-financial
aspects through communication channels, including the Annual BRI’s governance maturity level is reflected through internal
Report, Sustainability Report, Corporate Website and other measurements using the Gov-ernance maturity assessment
Public Disclosures. method and also assessments from independent parties. In 2023,
BRI received a number of recognitions for its implementation of
governance from rating agencies, including at the ASEAN level,
BRI was named as the Top 3 PLC (Public Listed Company) in
Indonesia and ASEAN Asset Class by the ASEAN Capital Market
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 55
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Forum (ACMF). At the national level, BRI received an award Assessment of Committees Under the
as “Most Trusted Company” at the Corporate Governance Board of Directors
Percep-tion Index (CGPI) ranking event. BRI believes that good
governance implementation is the main foundation for the The Company has established and determined the structure
Company to achieve a better performance, increase BRI’s value, and members of Committees under the Board of Directors to
guar-antee the fulfillment of the stakeholders rights, and also support the implementation of the Board of Directors’ duties.
increase investor confidence which will ultimately create a The function of these Committees is to facilitate monitoring and
sustainable BRI business. increase the effectiveness of problem solving and development
of aspects considered strategic by the Company, in accordance
BRI also applies an Integrated Governance framework that is with applicable regulations. These Committees include:
implemented in the parent company and in BRI’s subsidiaries, 1. Capital & Investment Committee
in an effort to build a solid foundation for implementing Good 2. Human Capital Committee
Corporate Governance in the BRI Group. 3. Information Technology Steering Committee
4. Procurement Committee
5. Credit Policy Committee
Board of Directors, Board of 6. Product Committee
Commissioners and Shareholder 7. Project Management Office Steering Committee
Ownership in the Bank Business Group 8. Risk Management Committee
9. Environmental, Social & Governance Committee
The Company’s management maintains independence
and integrity in carrying out its duties and responsibilities. To evaluate the performance of committees under the Board
Ownership of BBRI shares by the Board of Directors and Board of Directors in supporting company management regular
of Commissioners (Non-Independent) is part of the remuneration assessments are carried out by the Board of Directors. In 2023,
component, in line with Republic of Indonesia Ministry of the Board of Directors assesses that the Board of Directors
State-Owned Enterprises regulations, aimed at achieving Committee duties to support the Board of Directors duties and
sustainable performance. As of December 31, 2023, there was responsibilities were carried out in accordance with the provisions
no significant share ownership by the Board of Directors, Board and with good quality. These evaluations included frequency of
of Commissioners and Shareholders in the BRI Bank Business meetings, discussion material on the committee agenda, and
Group, this data can be found in the Share Ownership of Board of follow-up improvements to the results of committee discussions.
Directors and Board of Commissioners section.
Changes in the Board of Directors
Important Changes in the Bank and Bank Membership Composition
Business Groups in 2023
During 2023, there were no changes in the Board of Directors
In line with BRI’s vision to become The Most Valuable Banking membership composition. However, at the Annual General
Group in Southeast Asia and Champion of Financial Inclusion, Meeting of Shareholders on March 13, 2023 it was decided:
BRI maintains its commitment to strengthening the BRI Group’s 1. To dismiss with honor the following from the Company
strategies and synergies, to create added value for stakeholders. Management:
In accordance with the shareholder agreement, in 2023 FWD, as 1) Sunarso as President Director
BRI’s strategic partner in BRI Life, made an additional investment 2) Supari as Micro Business Director
in BRI Life. BRI’s share of ownership changed from 59.02% to 3) Ahmad Solichin Lutfiyanto as Compliance Director
54.77%. BRI also added capital to PT BRI Ventura Investama 2. To appoint the following as Company Management:
(BVI) to strengthen BVI’s capital, where in terms of BRI’s share 1) Sunarso as President Director
of ownership in BVI there was no significant change in ownership. 2) Supari as Micro Business Director
Looking forward, BRI is fully committed to encouraging the 3) Ahmad Solichin Lutfiyanto as Compliance Director
performance and contribution of BRI Subsidiaries, through
increasing net profit and fee based income of BRI Subsidiaries, so
that they can be a driver of BRI’s future growth in a sustainable
manner.
PT Bank Rakyat Indonesia (Persero) Tbk.
56 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
As a result the Board of Directors composition as of December 31, 2023 comprised 12 (twelve) people consisting of 1 (one) President
Director, 1 (one) Vice President Director and 10 (ten) Directors as follows:
Sunarso : President Director
Catur Budi Harto : Vice President Director
Viviana Dyah Ayu R.K. : Finance Director
Agus Noorsanto : Wholesale & Institutional Director
Supari : Micro Business Director
Arga Mahanana Nugraha : Digital & Information Technology Director
Amam Sukriyanto : Small & Medium Business Director
Andrijanto : Network & Services Director
Ahmad Solichin Lutfiyanto : Compliance Director
Agus Sudiarto : Risk Management Director
Handayani : Consumer Business Director
Agus Winardono : Human Capital Director
Closing
On this occasion, the Board of Directors would like to express its highest appreciation to all customers and stakeholders for the trust and
support given to BRI that supported BRI’s brilliant achievements during 2023.
Thank you to all BRILian people for your extraordinary dedication and contribution. The hard work and professionalism spirit shown
were the driving forces for BRI’s success. We appreciate the collective efforts of BRILian People in achieving the positive results and
maintaining BRI’s reputation as a leading financial institution.
The Board of Directors would also like to express our thanks to the Board of Commissioners for their important role and cooperation in
providing directives and supervision to support BRI’s strategic success. The Board of Commissioners’ leadership and views were a very
significant contribution to the Company’s sustainability and growth.
Finally, thanks to the strong collaboration between the Board of Directors, Board of Commissioners, BRILian People, and all stakeholders,
we remain committed to continuing to provide the best innovations and services, as well as continuous improvements to realize a
brighter future for Bank Rakyat Indonesia.
Jakarta, February 2023
On behalf of the Board of Directors
Sunarso
President Director
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 57
Page 60
The Board of Directors
1. Andrijanto (Director of Network & Services) 4. Handayani (Director of Consumer Business)
2. Agus Winardono (Director of Human Capital) 5. Supari (Director of Micro Business)
3. Ahmad Solichin Lutfiyanto (Director of Compliance) 6. Sunarso (President Director)
1 2 3 4 5 6
PT Bank Rakyat Indonesia (Persero) Tbk.
58 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
7. Catur Budi Harto (Vice President Director) 10. Amam Sukriyanto (Director of Small & Medium Business)
8. Viviana Dyah Ayu R.K. (Director of Finance) 11. Arga M. Nugraha (Director of Digital & Information Technology)
9. Agus Sudiarto (Director of Risk Management) 12. Agus Noorsanto (Director of Wholesale & Institutional Business)
7 8 9 10 11 12
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 59
Page 62
To our respected shareholders and stakeholders,
First of all, we would like to express
our thanks to the presence of God
Almighty for His abundance of
mercy and grace that helped us
face the many challenges from
the macroeconomic volatility,
geopolitical tensions and high
interest rate environment.
Kartika Wirjoatmodjo
President Commissioner
PT Bank Rakyat Indonesia (Persero) Tbk.
60 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
PT Bank Rakyat Indonesia (Persero) Tbk--hereinafter referred to This can be seen in the economic conditions of a developed
as “the Company or BRI”—displayed a solid ability to navigate country such as the United States, which still grows strongly,
the global elevated rate environment, industry and internal driven by household consumption and domestic services. On
challenges and asset quality adjustments and managed to record the other side though, China’s economic conditions are still
strong performance with consolidated net profit of Rp60.4 experiencing challenges, and returning to pre-pandemic times.
trillion, representing an increase of 17.5% YoY, while maintaining
a strong capital position, sufficient liquidity and adequate loan The inflation rate in developed countries still experienced an
quality. upward trend during 2023, despite the potential for stagflation,
but with pressure starting to subside. In response to this, monetary
The Board of Commissioners considers that BRI’s achievements interest rates policies from the Fed and Central Banks of other
result from BRI’s success in building conservativel managing its developed countries maintained high interest rates which appear
business while enhancing valueto shareholders. For 128 years, to be remaining elevated over a longer period of time (higher for
BRI has developed as a leading bank that works as an agent of longer). This was in line with the increase in government bond
development in creating social and economic value for Indonesia. yields, especially US Treasuries, as a result of an increase in long-
These achievements are due to BRI’s ability to maintain customer term risk premiums to meet fiscal financing needs. This financial
trust, even through its efforts to strengthen services and market uncertainty led to tightening external financing, as
products that respond to market needs and developments in the reflected in the continued capital outflows in emerging markets,
digital era, including digital transformation, along with cultural which placed financial and economic pressure on emerging
evolution as stated in the BRIVolution roadmap. markets.
Throughout 2023, the Board of Commissioners supervised Despite experiencing a slight slowdown compared to the previous
and provided feedback to the Board of Directors. In this Board year, Indonesia’s economic growth through the third quarter
of Commissioners’ Report, we have included our performance of 2023 reached 5.05% YoY, showing strong growth despite
assessment of the Board of Directors, our views on the business the elevated global rate environment. This growth was due to
prospects prepared by the Board of Directors, our views on the domestic demand from household consumption, and increased
Corporate Governance implementation, as well as the structure investments due to declining Government consumption and
and changes in the Board of Commissioners composition. export performance. Sectorally, Indonesia’s economic growth
comes from the Manufacturing, Wholesale and Retail Trade, and
Construction Industries. However, other sectors still experienced
Economic and Banking Review slow growth, including agriculture, trading and transportation
and warehousing. Spatially, the region experiencing the highest
The global turmoil, disruption and dynamics that occurred in growth was the Sulawesi-Maluku-Papua region. In 2024, thanks to
recent years became serious challenges for the entire world. fiscal stimulus in the form of social assistance, the continuation of
The Covid-19 pandemic caused a multidimensional crisis that infrastructure projects, and the holding of democratic elections,
has now subsided, but still leaves a scarring effect that has it is anticipated that positive sentiment will support economic
been exacerbated by geopolitical tensions. Overall, world growth.
economic activity continues to experience a slowdown with high
uncertainty as global economic growth in 2022 grew by 3.5%,
and was predicted to continue to slow down in 2023.
Board of Commissioners’
Report
During the 2023 financial year, BRI recorded credit disbursement of
IDR1,266 trillion, growing 11.2% compared to the previous year which
amounted to IDR1,139 trillion.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 61
Page 64
Tightening monetary policy with the Fed’s trend of increasing Frequency and Method of Providing
interest rates forced Bank Indonesia (BI) to continue raising Advice to the Board of Directors
the BI 7-Day Reverse Repo Rate (BI7DRR) interest rate to 6% at
the end of 2023. This triggered a tightening of liquidity, as seen In accordance with the mandate in the Company’s Articles
in the higher loans to deposits (LDR) ratio. In November 2023, of Association, the Board of Commissioners duties include
the banking industry recorded loan growth of 9.7% YoY, a slight supervising the Company’s management and provide advice
slowdown from 11.3% YoY in November 2022. On the other side, to the Board of Directors. To optimize its supervisory duties
Third Party Funds grew by a modest 3.0% YoY, also a slowdown and responsibilities, one of the methods used by the Board of
from 8.9% YoY in November 2022. Loan quality improved, as Commissioners includes holding joint meetings with the Board
seen in the system gross non-performing loan (NPL) that stood at of Directors (Radirkom), and Internal Board of Commissioners
2.36% in November 2023, from 2.65% in November 2022. Meetings (Rakom) both regularly and incidentally. The advice
conveyed in the meetings is further stated in letters from the
The Board of Commissioners sees that global economic Board of Commissioners to the Board of Directors the related to
conditions in 2024 will still be full of challenges, but there is hope the topics discussed. Providing advice to the Company’s Board of
for improvement. International trade volume is expected to grow Directors can also be provided through meetings of committees
and rebound with support coming from the group of developing under the Board of Commissioners, and work visits to gain
countries in Asia. Meanwhile, in developed countries, inflationary information in the field to monitor the Company’s strategies.
pressure is expected to continue to subside after passing its peak The Board of Commissioners also conveys opinions, advice and
in 2023, although the inflation rate could remain quite high. This responses to the Board of Directors’ proposals in letters to the
is expected to happen together with normalization in commodity Board of Directors, letters of approval or decision letters in
prices that were impacted by post-pandemic supply disruption accordance with their authority.
and the geopolitical crisis. However, the US economy is projected
to continue in a slowing trend as a result of the impact from During 2023, the Board of Commissioners conducted 17 Radirkom
tightening monetary policy and the lagging effect of inflation. and 7 Rakom, which included discussions on several critical
While, the European economy will improve although at a slow issues in the Company, submitting approvals and confirming
growth rate. China’s reopening policy still has the potential to several decisions in the Board of Commissioners’ decision letters.
result in global inflationary pressure, and for this reason, global Approvals carried out included the Company’s Budget Work Plan
monetary policies are expected to remain tight with increasingly and other strategic plans contained in the Company’s Business
limited fiscal space. Plan, approval of corporate actions carried out by the Company
in accordance with the authority of the Board of Commissioners,
In contrast, the Board of Commissioners’ view is that Indonesia’s approval for providing funds to related parties, approval of
economic recovery will continue. Household consumption growth the Sustainable Financial Action Plan, approval of the reviews
performance in 2023 was relatively well maintained. Considering of the Risk Appetite Statement, Recovery Plan, Resolution
that household consumption is a large contributor to GDP, it Plan and other approvals under the authority of the Board of
is hoped that it can support national economic growth amidst Commissioners as regulated in the Articles of Association and
the weakening global trend. In addition, the democratic party or applicable regulations.
general elections in 2024 are expected to accelerate a recovery in
MSME (Micro, Small and Medium Enterprises) businesses View on the Board of Directors’
Performance
Through strong national economic fundamentals, together with
the support of Government policies in maintaining effective BRI recorded strong financial performance in 2023, despite
economic activities, the Board of Commissioners is optimistic the global economic challenges and uncertainty. Based on
that the national economy, banking industry, including BRI will OJK (Financial Services Authority) data in November 2023,
continue to show healthy and strong growth. commercial bank loan growth grew 9.7% YoY. This shows that
market demand was still strong thanks to increasing economic
activity. Thanks to these conditions, increased optimism in
MSMEs was also reflected in the BRI MSME Index for December
2023, which also increased compared to the previous quarter.
The Board of Commissioners view is that BRI has succeeded in
achieving a solid and encouraging performance that can be seen
in the realization of performance targets.
PT Bank Rakyat Indonesia (Persero) Tbk.
62 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
In the 2023 fiscal year, BRI’s loan disbursements reached Based on the efficiency level, BRI improved its CIR (Cost to Income
Rp1,266.4 trillion, an increase of 11.2% compared to Rp1,139.1 Ratio) ratio at 41.89%, down from the previous 44.87% in 2022.
trillion the previous year. This loan growth was dominated by This decrease was due to efficiency efforts, one of which was the
the micro segment, which reached Rp611.2 trillion, an increase use of digitalization in carrying out BRI business processes and
of 10.9%. BRI microlending accounted for 48.3% of BRI’s utilization of banking agents.
total loans, the highest in the national banking industry. This
further strengthens BRI’s commitment to become an Agent of BRI’s operational income reached Rp45.6 trillion, an increase
Development and to continue to strengthen the MSME segment of 16.6% YoY. This was mainly due to Fee Income that reached
at the bottom of the business pyramid as the backbone of the Rp20.7 trillion, an increase of 10.3% YoY, and recovery income
Indonesian economy. Furthermore, BRI will continue to develop that reached Rp16.8 trillion, an increase of 35.0% YoY. The
potential new sources of growth both through retail banking, the Board of Commissioners’ opinion is that the contribution of BRI
Ultra Micro segment and diversified growth in other segments. Group’s Fee Based and Other Operational income can be further
optimized through increasing synergy and collaboration between
Based on asset quality, the gross non-performing loan (NPL) Subsidiary Companies and BRI as the parent company.
ratio was 2.95%, an increase from 2.67% from the previous year.
The asset quality weakness was due to efforts to reduce the In terms of profitability, BRI’s profitability ratio continued to
reliance on restructuring, especially from the micro and small improve. This can be seen from the ROA (Return on Asset) ratio
segments. Loan loss reserves remained quite adequate with an that stood at 3.24% from the previous 3.01% in 2022. The ROE
NPL coverage ratio of 229.09%, with the cost of credit (CoC) (Return on Equity) ratio also increased to 19.95%, an increase
improving to 2.38% in 2023 from 2.55% in 2022. of 232bps from 17 .63% in 2022. In addition, BRI also increased
its leverage ratio to 6.2 times from 6.1 times the previous year.
On the loan risk management side, BRI still maintained a soft Through these achievements, the Board of Commissioners’ view
landing strategy whereby it downgraded loans that could not is that BRI maintains a sizable opportunity to optimize its capital
be restructured after a survey/assessment had been carried by leveraging the businessas economic recovery continues.
out based on actual business conditions. In 2023, total loans
restructured due to Covid 19 decreased to 4.8% of total loans, Overall during the 2023 fiscal year, BRI recorded a net profit of
from the previous 10.4% in 2022. The majority of this decrease Rp60.4 trillion, an increase of 17.5% compared to the previous
came from payments from debtors in the small and corporate year’s Rp51.4 trillion. This net profit growth was driven by BRI’s
segments. The Board of Commissioners urges the Board of profit achievement of Rp53.1 trillion, an increase of 11.1%
Directors to ensure that in their efforts to achieve loan growth, compared to Rp47.8 trillion in 2022. While, the subsidiaries’
they must continue to pay attention to the principles of prudence profit contribution increased from 10.2% to 12.1% in 2023.
and good risk mitigation.
The Board of Commissioners realizes that the positive financial
Meanwhile, on the liabilities side, BRI’s TPF (Third Party Funds) in performance in 2023 was achieved thanks to improvements
2023 stood at Rp1,358 trillion, an increase of 3.9% YoY where the and consistency in the banks continued transformation. On the
growth in low cost funds CASA was stagnant to reach 64.3% in human capital side, BRI is undertaking a number of efforts with
2023. Despite the decline, the CASA ratio was still well maintained the main focus on increasing capabilities, productivity, BRI Group
above historical levels, which on average were below 60%. This synergy as well as environmental, social and governance (ESG)
resulted in an increase in CoF (Cost of Fund) to 3.00% in 2023, and people analytics. Technological support is also reflected in
from 2.06% in 2022. The Board of Commissioners always urges achievements in the field of digital development as evidenced
the Board of Directors to focus on transforming BRI’s liabilities, by 98.9% of total transactions carried out via digital channels.
by strengthening its ecosystem-based business, penetrating The focus of technology development carried out is divided into 3
mobile banking as a digital financial solution, and optimizing (three) focus areas, namely Composable Resiliency, Composable
penetration of cash management services for customers, so they Open Banking, Composable AI/ML, and Excellence Enablers. The
can excel in the competition for transaction banking services. Board of Commissioners always urges the Board of Directors to
ensure that talent development is not only carried out within
BRI but extends to its subsidiaries. Furthermore, alignment and
integration of technology within the BRI Group should also be
carried out.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 63
Page 66
5. Financial conglomerate aspects including supervision of
This success was realized through the support of a widespread
the Holding UMi (Ultra Micro), transformations carried
and high quality infrastructure network. During 2023, BRI on
out by subsidiaries in line with the Company’s direction to
a bank only basis operated 7,755 office networks, 686,128
strengthen the integrated governance framework including
electronic networks, and 740,818 BRILink Agents, and with this
aspects of risk management, compliance and integrated
infrastructure, BRI has been developing a hybrid bank business
internal audit, portfolio reviews of Subsidiaries, and the
model that successfully combines the development of banking
corporate action to acquire PT. BRI Danareksa Investment
digitalization while still providing conventional services to bring
Management.
financial services closer to all levels of society. This business
model is further strengthened by BRI’s ultra micro holding that
helps to optimize increased inclusiveness. Based on the Financial Services Authority (OJK) Regulation
No: 5/POJK.03/2016 concerning Bank Business Plans, the
Overall, the Board of Commissioners would like to express its Board of Commissioners is obliged to carry out supervision of
appreciation to the Board of Directors for the achievements the implementation of the Bank Business Plan that includes
achieved during 2023. Furthermore, the Board of Commissioners the management policies and strategies. The results of this
would like to advise the Board of Directors to always maintain supervision are stated in the Bank’s Business Plan Monitoring
effective communication and collaboration at all organization Report that is submitted to the OJK every semester, as follows:
levels so that it can maintain the quality of sustainable growth 1. PT BRI (Persero) Tbk Board of Commissioners Supervisory
while creating a healthy company culture. Report, Semester II 2022 Number: R.20-KOM/02/2023 Dated
February 21, 2023.
2. PT BRI (Persero) Tbk Board of Commissioners Supervisory
Strategy Formulation and Report, Semester I 2023 Number: R.79-KOM/08/2023 Dated
Implementation Supervision August 30, 2023.
The Board of Commissioners always carries out an active In 2023, the Board of Commissioners submitted the following
supervisory function on the Company’s risk-based strategy in responses to the Board of Directors on the Company’s
accordance with its responsibilities and authority. Throughout quarterly performance achievements, including reviews of the
2023, the Board of Commissioners provided advice, direction implementation of the Company’s strategy:
and recommendations to Management based on the supervisory 1. Letter No. R.19-KOM/02/2023 dated February 21, 2023
results in question, including the implementation of strategies, concerning Response to the PT BRI (Persero) Tbk Performance
Company policies and also provided approvals in accordance in Quarter IV 2022.
with its provisions and authority. This advice, direction and 2. Letter No. R.45-KOM/05/2023 dated May 05, 2023 concerning
recommendations provided included: Response to the PT BRI (Persero) Tbk Performance in Quarter
1. Strategic aspects including supervision of the strategy I 2023.
in each Company business segment, transformation of 3. Letter No. R.85-KOM/09/2021 dated September 12,
information technology and work networks, implementation 2022 concerning Response to the PT BRI (Persero) Tbk
of strengthening secondline and thirdline functions, research Performance in Quarter II 2023.
into regional economic potential, ultra-micro ecosystem 4. Letter No. R.107-KOM/11/2023 dated November 07,
synergy, the human capital strengthening program, product 2023 concerning Response to the PT BRI (Persero) Tbk
management, and progress of ESG (Environmental, Social Performance in Quarter III 2023.
and Governance) implementation.
2. Credit aspects, including follow-up on LaR (Loan at Risk)
management, reviews of the condition of high risk debtors in View on the Business Prospects Prepared
each segment and product, supervision of the restructuring by the Board of Directors
debtors portfolio, and reviews of the quality in the productive
assets portfolio. The rate of global economic growth in 2024 is predicted to
3. Funding aspects including supervision of BRI’s conditions and continue to slow. Many challenges in the form of rising interest
strategies in dealing with its liquidity position and securities rates, limited space for fiscal stimulus, and limited productivity
position, supervision of conditions and strategies in raising are still a threat. However, despite the uncertainty of global
funds and (FBI) fee-based income. economic conditions, there are still factors driving the national
4. Policy aspects including supervision of the General economy, including the potential for increased Government
Credit Policy, and initiated reviews of the Human Capital spending, the continuation of infrastructure projects and the
Policy, General Risk Management Policy, Governance and general election in 2024.
Compliance Policy, the Risk Appetite Statement (RAS),
Recovery Plan and Resolution Plan.
PT Bank Rakyat Indonesia (Persero) Tbk.
64 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
The Board of Commissioners view is that in general the business View on the Bank’s Governance
prospects presented by the Board of Directors in the Bank’s Implementation
Business Plan 2024 - 2026 were quite relevant. In order to
strengthen BRI Group’s internal capabilities, the business BRI is committed to always implementing good corporate
prospects are also good, appropriate and in line with the journey governance (GCG) at all levels of the organization that refers
that the Company has prepared through Brivolution 2.0. to regulations and best practices for implementing the relevant
corporate governance in the financial industry, so that it can
2023-2024 is the “Scale Up and Sope Up” stage with the support the achievement of sustainable performance. In carrying
aspiration to “Scale Up New Growth Engine and Beyond out its supervisory function, the Board of Commissioners
Banking”. In 2023, BRI’s efforts included realizing the aspirations strives to ensure that the Board of Directors’ management is in
to prioritize “Strengthening Retail Banking Capabilities”. In accordance with applicable laws and regulations and provides
2024, BRI targets increasing contributions from subsidiaries and the necessary advice on every strategic action in order to achieve
becoming a bank that leads in banking financial transactions the Company’s objectives.
through digital products and services.
BRI has improved the governance aspects by improving policies,
With good fundamental support and a strong commitment improving management processes and optimizing results
to provide financial services with superior capabilities so they that has had an impact on increasing BRI’s value in the eyes
become a one-stop digital platform solution for customers, the of stakeholders. The improvement of these aspects can be
Board of Commissioners believes that BRI will take advantage seen in the recognitions received from independent parties
of the opportunities in the banking industry well. In line with regarding the governance implementation at BRI. Supervision of
these aspirations, the Board of Commissioners always calls for governance is reflected through input on policies and processes
sharpening the focus of transformation in the main areas, namely including the anti-bribery management, WBS management
digital and human capital. and the effectiveness of compliance culture systems. BRI also
intensively monitors the recommendations given by the Board
In an effort to develop these fundamentals, the Board of of Commissioners to the Board of Directors through digital
Commissioners has conveyed to the Board of Directors that all dashboards and effective communication with each person
BRI personnel, especially those who deal directly with customers, responsible for following up on recommendations.
receive adequate provision and training so that they can provide
optimal services in accordance with the standards set by BRI. As a step to evaluating and assessing GCG internally, BRI is
In the human capital aspect, the Board of Commissioners guided by POJK Number 17 of 2023 concerning the Governance
encourages strengthening the quality of human capital down to Implementation in Commercial Banks, SEOJK No. 17 of 2017
subsidiaries so they have the competitiveness and become major and other applicable regulations. Evaluation and assessment
players in each industry, including optimizing talent mobility as a by internal parties is carried out through self-assessments each
form of knowledge transfer. semester. The self-assessment results then become part of
the Bank’s health level assessment, which is submitted to the
Then, a strong commitment to digital transformation is also regulator. BRI also pays attention to independent governance
carried out through adaptation of innovations and technologies evaluations and assessments from external parties.
such as artificial intelligence (AI), big data analysis and digital
banking services. The Board of Commissioners urges BRI to always The Bank Health Level consists of four assessment factors, Risk
be customer centric, so that all innovations and improvement Profile, GCG, Profitability and Capital. BRI Bank’s Health Level
efforts undertaken can answer customer needs. Rating in semester II/2023 received a composite rating of 2
(healthy), meaning that the Bank’s condition is generally healthy,
Regarding the business prospects that have been prepared by so it is considered capable of facing significant negative influences
the Board of Directors, the Board of Commissioners approved the from changes in business conditions and other external factors.
2024 Budget and Company Work Plan 2024-2026 prepared by the The Composite Ranking has not changed compared to Semester
Board of Directors taking into account the global and domestic I/2023. The Bank Health Level Assessments are reported to the
economic conditions, as well as relevant macroeconomic regulator (OJK) every semester covering the June and December
assumptions. The Board of Commissioners approved and periods.
provided direction and recommendations through Board of
Commissioners Letter R. 111-KOM/11/2023 dated November 28,
2023 concerning Approval of the Proposed Bank Business Plan
for 2024-2026, and BRI’s Corporate Budget Work Plan for 2024.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 65
Page 68
The Company’s governance implementation is based on the The Board of Commissioners together with the Board of
five basic principles of GCG. During its implementation, the Directors continues to encourage improved implementation of
Company carries out periodic self-assessments of 11 GCG factors the compliance function at all levels of the organization. The
as regulated by the Regulator. The Board of Commissioners’ Board of Commissioners always provides advice to the Board
assessments show that the Company’s implementation of GCG of Directors and all Brilian People to continuously strengthen
principles is good, as reflected in the self-assessment results Compliance Culture, always pay attention to Standard Operating
for the GCG implementation, which reached Rank 2 (Good). Procedures (SOP), and operational technical instructions, to
These assessments are carried out periodically and are not carry out monitoring and supervision so that the imposition of
only limited to the scope of the parent company, but are also fines by Regulators can be reduced and minimized. The Board
carried out together with subsidiaries as part of the BRI financial of Commissioners also urges the Board of Directors to make
conglomerate. The self-assessment results for the Integrated efforts to complete commitments and follow up on audit results
GCG implementation reached Rank 2 (Good). by external parties and regulators at the first opportunity. The
Board of Commissioners also requests that the Board of Directors
This reflects that BRI Management has implemented GCG by always monitors and encourages the updating of customer data,
following the aspects of governance structure, governance and to continue to pay attention to APU and PPT policies when
process and governance outcomes, and these are generally providing digital services.
categorized as Good.
The Company’s compliance risk profile is at a composite rating
In 2023, the Company’s GCG assessment was also carried out by of 2 (Low to Moderate). The Board of Commissioners’ opinion
external parties with the following results: is that the Company’s Compliance Function has gone well, but
1 ASEAN Corporate Governance Scorecard (ACGS) awareness and a culture of compliance must continue to be
BRI received awards in the form of TOP 3 Public Listed increased at all levels. The Board of Commissioners has also
Company in Indonesia and ASEAN Asset Class in the 2023 advised the Board of Directors to continue to make improvements
ACGS ranking held by the Asean Capital Market Forum to Corporate Governance (GCG), especially when reporting
(ACMS). compliance and fraud control.
2 Corporate Governance Perception Index (CGPI)
Based on the 2023 CGPI assessment results by The Anti-Fraud Strategy
Indonesian Institute for Corporate Governance (IICG), BRI
was ranked “Most Trusted Company “. The commitment to BRI has an Anti-Fraud Strategy policy, as adapted to
implementing Integrated Governance in the BRI Group was OJK Regulation Number: 39/POJK.03/2019 concerning
further proven by the participation of Subsidiaries in the CGPI Implementation of Anti-Fraud Strategy for Commercial Banks,
Award, where 1 (one) Subsidiary Company received the “Very which is then outlined in the Company’s internal policy. This
Trusted” title and 4 (four) others received the “Trusted” policy is a form of commitment from management for controlling
title. fraud and has been implemented in the fraud control system
3 S&P Global Corporate Sustainability Assessment (CSA) to reflect the serious attention from the Company’s Board of
BRI received S&P Global CSA assessment results with a score Commissioners and Board of Directors’ zero tolerance for any
of 63 in 2023. form of internal or external fraud.
The Company’s GCG implementation has been running well, as During 2023, internal and external fraud will still occured. The
can be seen in the following components. Board of Commissioners pays close attention to the frequency
of these incidents and potential losses to reflect the serious
attention the Company’s Board of Commissioners and Board
Implementation of Compliance Functions of Directors pays for preventing and controlling fraud. On an
ongoing basis, Management continues to make improvements in
The implementation of BRI’s Compliance Function refers the Anti-Fraud Strategy in each pillar.
to the Financial Services Authority Regulation Number:
46/POJK.03/2017 dated July 12, 2017 concerning the In Pillar 1, Prevention, the Company instigated the following:
Implementation of Commercial Bank Compliance Functions. signing an integrity pact starting from the Board of Directors,
The Board of Directors, through the Compliance Function Work Board of Commissioners to all BRI Employees, conducting
Unit, regularly reports on the implementation of the compliance employee awareness and customer awareness activities through
function to ensure that the policies, systems and procedures, as education and socialization, identifying vulnerabilities through
well as business activities are carried out by BRI, both corporately analysis of control weaknesses which have and/or has the
and operationally, and are in accordance with regulatory potential to cause information fraud, strengthening the Branch
provisions and always prioritize the precautionary principle. Risk Compliance (BRC) and Unit Risk Compliance (URC) functions
and increasing Know Your Employee (KYE) which is aimed at
PT Bank Rakyat Indonesia (Persero) Tbk.
66 2023 Annual Report
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Report of The Board of Directors
and Board of Commissioners
detecting employees with a high potential risk of committing The Company has established a BRI Gratification Control Unit to
fraud based on certain parameters (for example: online gambling). prepare programs, provide information services and gratification
reporting on and need to develop anti-fraud detection based on
In Pillar 2, Detection, the Company received several complaints big data analytics.
including: WBS regarding violations and indications of fraud
through media such as SMS, Letters, Telephone, Email, Website During 2023, the Company’s gratification control programs,
and WhatsApp, as well as Enhancement of the Supervision included:
Dashboard by adding several crucial indicators, Enhancement of 1. Commitment to Gratification Control
Fraud Rules Detection System (FD), and others. The Board of Commissioners and Board of Directors together
with all employees signed an anti-gratification commitment
In Pillar 3, Investigation, Reporting and Sanctions, the Company in the code of ethics statement, and BRI employees
has carried out: investigation of inventory reporting of fraud throughout Indonesia signed an integrity pact and an anti-
incidents and incidental reports of significant fraud that bribery self-assessment in the context of mapping points
could disrupt the Bank’s operational activities in accordance prone to gratification.
with applicable provisions to the Regulator, and sanctioned 2. Education and Outreach Program
perpetrators of fraud. The Control Unit in collaboration with BRI Corporate
University carried out socialization via e-learning of the
In pillar 4, Monitoring, Evaluation and Follow-up, the Company has gratification policy to all employees
carried out: implementing a Risk Management Forum (FMR) that 3. Gratification Policy Update
discusses handling internal and external fraud, a Fraud Recovery The Gratification policy that was previously regulated in
program that seeks to complete recovery from perpetrators and the Board of Directors Circular No. SE.63-DIR/KEP/12/2020
parties involved in fraud, and collaborating with law enforcement dated December 8, 2020 concerning BRI Anti-Bribery and
in arresting internal and external fraud perpetrators. Gratification Control Provisions, was replaced by the Board
of Directors Corporate Governance Policy Circular No.SE.09-
BRI strives to suppress and reduce the incidence of fraud and DIR/KEP/03/2023 dated March 15, 2023 Book 3 concerning
optimize recovery of losses due to fraud. Some of the efforts Anti-Bribery and Gratification Control.
made include developing systems and execution governance in 4. Reporting on Acceptance/Rejection of Gratification
the Fraud Detection System (FDS), strengthening Governance During 2023, the Gratification Control Unit received 61
Risk Compliance Culture at all levels of employees, optimizing gratification reports.
the RRM (Regional Risk Management) Team by perfecting the
RRM Team framework, improving fraud recovery and periodically The Board of Commissioners advise is that the internal
conducting top level reviews and functional reviews related to gratification control must continue to pay serious attention to
the Anti-Fraud Strategy. ensure that BRI’s business processes run in accordance with
applicable business ethics and to uphold the value of integrity.
The Board of Commissioners also monitored and evaluated
the Anti-fraud Strategy on a semi-annual basis, reported fraud Whistleblowing System
incidents that had a significant impact, and provided input
to the Board of Directors for strengthening the Anti-Fraud BRI’s commitment to implementing good Corporate Governance,
Strategy in each pillar, including monitoring the follow-up to is in line with one of the pillars of the Anti-Fraud Strategy,
improvements and recovery efforts for incidents. fraud. The namely the detection pillar as stipulated by the regulator, and
Board of Commissioners urges the Board of Directors and all identification is carried out to find fraud incidents. Therefore, BRI
Brilian People to always be alert to all modes of fraud that occur, has prepared reporting media that is managed transparently and
so as to maintain the Company’s reputation and public trust. fairly through the Whistleblowing System (WBS).
Gratification Control The process of reporting violations through the WBS is part of
BRI’s efforts to prevent violations and negative publicity against
BRI’s commitment to managing gratification control continues the Company. The Board of Commissioners view is that WBS will
to be improved, through Anti-Bribery and Gratification Control help improve the implementation of Good Corporate Governance
policies that serve as guidelines for all BRI personnel in preventing (GCG) based on behaviors that are in accordance with the code of
gratification and bribery practices that can harm BRI’s interests ethics and corporate culture.
and conflict with GCG principles, so as to create a conducive
control environment in accordance with the Board of Directors’ In 2023, the Board of Commissioners provided responses and
Circular Letter Concerning BRI Anti-Bribery and Gratification input on the effectiveness of the BRI Whistleblowing System. In
Control. its implementation, 30 (thirty) complaint reports with 50 (fifty)
sub-indications of violations were received.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 67
Page 70
The Board of Commissioners always carries out periodic As the Main Entity in the BRI financial conglomerate,
monitoring and supervision to ensure the WBS system is implementing Integrated Risk Management is important to
running well. In its implementation, and to do so the Board of determine the risk exposure that may arise in the integrated
Commissioners is assisted by the Audit Committee, Internal Audit financial conglomerate activities. For this reason, Integrated Risk
Work Unit and other related units in order to evaluate and follow Management needs to be carried out comprehensively where at
up on reports received. the supervision level the Board of Commissioners is assisted by the
Integrated Governance Committee. This supervisory approach is
The Board of Commissioners is of the opinion that in general the carried out using a capital management and risk management
implementation and follow-up of the WBS during 2023 in the approach in operations and business covering all levels of the BRI
Company functioned well. This is reflected in BRI’s collaboration organization and members of the Financial Conglomerate.
with the Corruption Eradication Commission by implementing
the Whistleblowing System Application as a form of joint For consolidated and integrated risk management, BRI has the
commitment in eradicating criminal acts of corruption. The BRI Financial Conglomerate Integrated Governance Guidelines
Board of Commissioners always provides direction to the Board as one form of the Company’s compliance with regulations in
of Directors to continue to socialize the implementation of WBS force in Indonesia. In addition, the Company has established
in order to create a clean, professional and intergrated working an Integrated Risk Management Work Unit, an Integrated
environment. Compliance Work Unit and an Integrated Internal Audit Work Unit
that are directly responsible to the respective Director or Senior
Implementation of Risk Management Executive Vice President (SEVP) in charge.
During the challenges of global economic uncertainty and The Board of Commissioners is of the opinion that BRI’s risk
multidimensional risks, the Board of Commissioners is increasing management system has been implemented well and carried out
its supervision of the effectiveness of risk management so that proactively while maintaining the level of risk profile throughout
sustainable business growth can be created. 2023. This is reflected in the results of the self-assessments of
the main banking risks in carrying out its business activities, so
BRI has a Governance Risk Management & Compliance that in Quarter IV/2023 the Company maintained its Composite
framework to control risks and ensure compliance with the Risk Profile Rating at the “low to moderate” level. Furthermore,
implementation of business pillars and support, so that efforts the Board of Commissioners has advised the Board of Directors to
to achieve BRI’s performance targets are also supported by always maintain a good risk profile rating not only for BRI but also
operational excellence. Within the framework of implementing at the BRI Group level.
Risk Management there are four pillars, namely:
1. Active supervision by the Board of Directors and Board of Internal Control System
Commissioners
2. Adequacy of Risk Management policies and procedures and All BRI management and employees play a role and are
determination of Risk limits responsible for ensuring the implementation and improvement of
3. Adequacy of risk identification, measurement, monitoring the quality of a reliable and effective internal control system. The
and control processes, as well as supporting information Board of Commissioners also plays an active role in supervising
systems and establishing a culture of control at BRI, assisted by the Audit
4. Comprehensive Internal Control System Committee. Supervision of the internal control system is carried
out by the Board of Commissioners, through regular meetings
In carrying out its active supervisory function over the with the Board of Directors and Executive Officers to discuss
implementation of risk management, the Board of Commissioners the effectiveness of the Internal Control System, and to provide
is assisted by the Risk Management Monitoring Committee direction to continue to strengthen internal control in all of the
to ensure that BRI’s risk management meets the elements Company’s activities. In addition, the Internal Audit Work Unit
of adequate risk management procedures and methodology. (SKAI) periodically reports the results of audit findings carried
Supervision is carried out through meetings with the Director of out by internal and external auditors as well as the results of
Risk Management and other relevant Directors according to the follow-up actions.
topic of discussion. Discussion forums with the Risk Management
Work Unit are carried out directly to review reports submitted The Company’s internal control is ensured through the third line
by the Board of Directors. In 2023, the Board of Commissioners’ model, a line of internal audits that ensures that risk management
supervision included reviewing approval of the General Risk remains within tolerance limits (risk appetite), and governance
Management Policy, Risk Appetite Statement, Recovery Plan, processes and systems have been implemented effectively and
Resolution Plan and Loan Portfolio Guideline, and others. adequately in order to achieve the Company goals.
PT Bank Rakyat Indonesia (Persero) Tbk.
68 2023 Annual Report
Page 71
Report of The Board of Directors
and Board of Commissioners
For its implementation, the Company uses an international Micro Holding Synergy also provides a more comprehensive
standard internal control system, namely the Internal Control and structured concept of empowering micro and ultra micro
System developed by the Committee of Sponsoring Organizations businesses in the form of the Ultra Micro Business Journey so
of The Treadway Commission (COSO) that includes the control that the micro and ultra micro businesse can move up in class.
environment, risk assessment, control activities, information and
communication as well as monitoring activities. The commitment to carrying out sustainable business processes
in the governance aspect was confirmed by BRI joining as a
The Board of Commissioners is of the opinion that in general member of the United Nations Global Compact (UNGC) in
the BRI internal control system implemented has been running March 2023. UNGC is a global initiative initiated by the United
well, is functioning effectively and provides adequate confidence. Nations (UN) and has 10 universal principles including human
In 2023, in order to improve the quality of internal control, rights, employment, the environment and anti-corruption. BRI
strengthening was carried out through the implementation of the also organizes stakeholder engagement forums to gain a deep
ICoFR (Internal Control over Financial Report) roadmap according understanding of perspectives and constructive input from
to the journey. Apart from aiming to achieve the reliability of stakeholders.
consolidated financial reports, further improving the efficiency
and effectiveness of internal control-based business processes, To support BRI’s consistency in implementing the ESG roadmap,
maximizing the accuracy of data and information, strengthening the Board of Commissioners actively carries out supervision
the adequacy of applicable policies and regulations, fostering a through meetings with the Board of Directors and through field
culture of risk awareness, ICoFR also aims to provide confidence work visits, including granting approval for BRI’s 2023 Sustainable
and act as an adequate early warning system. In this way, all levels Financial Action Plan, to ensure that the ESG roadmap program
(lines of defense) can work together in carrying out the combined has been carried out consistently and effectively up to the work
assurance function so as to increase value for stakeholders. The unit at the lowest level.
Board of Commissioners urges management to continuously
improve the internal control system and ensure the completion The Board of Commissioners advise to BRI is to always focus on
of ICoFR implementation in accordance with the roadmap. implementing sustainable financial principles, consistently and
in line with the strategy for achieving the Company’s vision and
Corporate Social Responsibility mission.
In line with BRIVolution 2.0’s aspiration to become “The Most
Valuable Banking Group in Southeast Asia & Champion of Performance Assessment of the
Financial Inclusion”, BRI also set aspirations to achieve a “World Committees under the Board of
Class Sustainable Banking Group”. To create a direct and targeted Commissioners
program, the implementation focus was classified into 3 (three)
strategic pillars, namely Environment, Social and Governance To support the active role of the Board of Commissioners
(ESG). when carrying out its duties and responsibilities, the Board of
Commissioners has established four committees, namely:
In the environmental aspect, BRI supports and plays an active
role in realizing Net Zero Emissions (NZE). Aiming to achieve 1. Audit Committee
the NZE target by 2050, BRI has developed a journey through The Audit Committee is responsible to the Board of
various initiatives based on the global Science-Based Target Commissioners by providing independent opinions on matters
Initiative (SBTi) standards. One of BRI’s concrete steps involved that require the attention of the Board of Commissioners
implementing a work culture in line with the principles of in accordance with GCG principles and applicable laws and
sustainability, including optimizing digital devices, efficient use regulations.
of paper and plastic, energy saving culture, and implementing a
green network by using electric vehicles for operations and using Supervision carried out by the Audit Committee in-cludes
solar panels in BRI work units. the effectiveness of the monitoring and evalua-tion system
for the planning and implementation of both internal and
For the social aspect, BRI always makes a real contribution to external audits and their follow-up, reviewing compliance
equalizing Indonesia’s economic prosperity through financial with laws and regulations relat-ing to the company’s
inclusion. Through a Hybrid Bank business model that integrates activities, monitoring and provid-ing input on the design
physical presence through BRILink agents, Ultra Micro synergy, and process of the Internal Control over Financial Reporting
and digital instructors as well as with the support of capable (ICoFR) as well as imple-mentation of integrated internal
digital technology and innovation (digital capabilities), BRI has control, and other tasks that are presented in detail to each
succeeded in offering banking network access in urban areas section of the Board of Commissioners Committee.
in 3T areas (underdeveloped, frontier, outermost). BRI’s Ultra
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 69
Page 72
The Board of Commissioners is of the opinion that the Audit The Board of Commissioners view is that the Nomina-tion
Committee has carried out its duties and responsibilities well and Remuneration Committee has carried out its duties and
during 2023, having held 23 (twenty three) meetings. responsibilities well during 2023, having held 20 (twenty)
meetings.
2. Risk Management Monitoring Committee
The Risk Management Monitoring Committee is re-sponsible 4. Integrated Governance Committee
to the Board of Commissioners to help carry out evaluations The Integrated Governance Committee is responsible to
and ensure that the risk management in the Company meets the Board of Commissioners for carrying out supervisory
the elements of adequate risk management procedures and duties regarding comprehensive and effective governance
methodologies. that applies the principles of transparency, accountability,
responsibility, independence or professionalism, and
Monitoring activities carried out by the Risk Monitoring integrated fairness in the Financial Conglomerate.
Committee include: evaluating and analyzing the Company’s
quarterly risk profile, monitoring the Bank’s health level Monitoring carried out by the Integrated Governance
every year, providing recommendations or opinions regarding Committee includes a process of continuous improve-ment
the provision of loans above a certain amount which requires of policies, procedures and practices at all levels within the
consultation by the Board of Commissioners, conducting Company to ensure that internal control is implemented,
analysis of recov-ery and resolution plans, carrying out compliance functions are implemented and integrated risk
analysis and rec-ommendations on BRI key issues, and other management is implemented.
tasks which are presented in detail to each section of the
Board of Commissioners Committee The Board of Commissioners view is that the Integrated
Governance Committee has carried out its duties and
The Board of Commissioners assessment is that the Risk responsibilities well during 2023, having held 21 (twenty
Management Monitoring Committee has carried out its one) meetings.
duties and responsibilities well during 2023, having held 45
(fourty five) meetings.
The implementation of the work plans of the Committees is
carried out through Committee Meetings by inviting Directorates
3. Nomination and Remuneration Committee
and Subsidiaries, Discussion Forums with related Divisions and
The Nomination and Remuneration Committee is responsible
Work Units, both directly and indirectly, by evaluating the reports
to the Board of Commissioners to support the effective
that have been received and then all of them are reviewed by
implementation of the Board of Commissioners duties and
each each Committee. The results of the review are submitted in
responsibilities, related to Nomination and Remuneration
writing to the Board of Commissioners.
for members of the Board of Direc-tors and members of
the Board of Commissioners in accordance with applicable
laws and regulations and the principles of Good Corporate
Governance. The ap-pointment and dismissal of members of
Board of Commissioners’ Composition
the Nomination and Remuneration Committee is carried out
During 2023, there was one change in the Company’s Board of
by the Board of Commissioners.
Commissioners membership composition as explained below:
To support the effectiveness of supervision by the Board
of Commissioners, the Nomination and Remu-neration
Board of Commissioners’ Composition prior
Committee carries out activities including: providing
to the Annual GMS on March 13, 2023
constructive suggestions and input on the Management
The composition of the Board of Commissioners before the
nomination system and procedures and talent selection for
Annual General Meeting of Shareholders (AGMS) on March
the Management of BRI and subsid-iaries, providing input
13, 2023 was 10 (ten) people consisting of 1 (one) President
on the results of strategic human capital policy reviews,
Commissioner, 1 (one) Deputy President Commissioner/
evaluating talent pool policies, providing recommendations
Independent Commissioner, 6 (six) an Independent Commissioner
on proposals for approval by the Management of Subsidiaries
and 2 (two) Commissioners. All members of the Board of
in accordance with their authority, and other tasks that
Commissioners were domiciled in the work area of the BRI Head
are conveyed in detail to each section of the Board of
Office. The composition of the Board of Commissioners before
Commissioners Committee.
the AGMS on March 13, 2023 was follows:
PT Bank Rakyat Indonesia (Persero) Tbk.
70 2023 Annual Report
Page 73
Report of The Board of Directors
and Board of Commissioners
Kartika Wirjoatmodjo : President Commissioner BOARD OF COMMISSIONERS:
Rofikoh Rokhim : Vice President Commissioner/
Independent Commissioner Kartika Wirjoatmodjo : President Commissioner
Hadiyanto : Commissioner Rofikoh Rokhim : Vice President Commissioner/
Rabin Indrajad Hattari : Commissioner Independent Commissioner
Dwi Ria Latifa : Independent Commissioner Rabin Indrajad Hattari : Commissioner
Hendrikus Ivo : Independent Commissioner Awan Nurmawan Nuh : Commissioner
Heri Sunaryadi : Independent Commissioner Dwi Ria Latifa : Independent Commissioner
Agus Riswanto : Independent Commissioner Hendrikus Ivo : Independent Commissioner
Plenary Poerwoko Sugarda : Independent Commissioner Heri Sunaryadi : Independent Commissioner
Nurmaria Sarosa : Independent Commissioner Agus Riswanto : Independent Commissioner
Plenary Poerwoko Sugarda : Independent Commissioner
Composition of the Board of Commissioners Nurmaria Sarosa : Independent Commissioner
After the Annual GMS on March 13, 2023
Based on the decision of the Annual General Meeting of Closing
Shareholders (AGMS) on March 13, 2023, stated:
1. Respectfully removed Hadiyanto as Commissioner of the On this occasion, the Board of Commissioners would like to
Company: thank the shareholders for the trust they had give. The Board
2. Appointed Awan Nurmawan Nuh as Commissioner of the of Commissioners expressed the highest appreciation to the
Company Directors who had been able to carry out the management of
the Company well in 2023. The Board of Commissioners also
Thus, the membership composition of the Company’s Board of expressed the appreciation and thanks to all Brilliant People
Commissioners as of December 31, 2023 consisted of 10 (ten) for their optimal support and contributions. The Board of
people consisting of 1 (one) President Commissioner, 1 (one) Commissioners really hoped that all levels of the Company could
Deputy President Commissioner/Independent Commissioner, 6 continue to formulate appropriate short-term and long-term
(six) Independent Commissioners and 2 (two) Commissioners, in strategies that could lead the Company towards better growth.
accordance with applicable provisions.
Jakarta, February 2024
On behalf of the Board of Commissioners
Kartika Wirjoatmodjo
President Commissioner
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 71
Page 74
The Board of Commissioners
1. Heri Sunaryadi (Independent Commissioner) 4. Kartika Wirjoatmodjo (President Commissioner)
2. Dwi Ria Latifa (Independent Commissioner) 5. Agus Riswanto (Independent Commissioner)
3. Paripurna Poerwoko Sugarda (Independent Commissioner)
1 2 3 4 5
PT Bank Rakyat Indonesia (Persero) Tbk.
72 2023 Annual Report
Page 75
Report of The Board of Directors
and Board of Commissioners
6. Hendrikus Ivo (Independent Commissioner) 8. Awan Nurmawan Nuh (Commissioner)
7. Rofikoh Rokhim (Vice President Commissioner/ 9. Nurmaria Sarosa (Independent Commissioner)
Independent Commissioner) 10. Rabin Indrajad Hattari (Commissioner)
6 7 8 9 10
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 73
Page 76
2023 Annual Report
Responsibilities
Statement Letter of Members of the Board of Directors
Regarding Responsibility for the 2023 Annual Report of
PT Bank Rakyat Indonesia (Persero) Tbk
We, the undersigned, declare that all information in the 2023 Annual Report of PT Bank Rakyat Indonesia (Persero) Tbk
has been presented completely, and we are fully responsible for the accuracy of the contents of the Company’s Annual Report.
This statement was made with actual.
Jakarta, February 7, 2024
The Board of Directors
Sunarso
President Director
Catur Budi Harto Viviana Dyah Ayu R.K.
Vice President Director Director of Finance
Supari Amam Sukriyanto Handayani
Director of Micro Business Director of Small & Medium Business Director of Consumer Business
Arga Mahanana Nugraha Ahmad Solichin Lutfiyanto Agus Winardono
Director of Digital & Information Technology Director of Compliance Director of Human Capital
Agus Sudiarto Agus Noorsanto Andrijanto
Director of Risk Management Director of Wholesale & Institutional Business Director of Network & Services
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report
Page 77
Statement Letter of Members of the Board of Commissioners
Regarding Responsibility for the 2023 Annual Report of
PT Bank Rakyat Indonesia (Persero) Tbk
We, the undersigned, declare that all information in the 2023 Annual Report of PT Bank Rakyat Indonesia (Persero) Tbk
has been presented completely, and we are fully responsible for the accuracy of the contents of the Company’s Annual Report.
This statement was made with actual.
Jakarta, February 7, 2024
The Board of Commissioners
Kartika Wirjoatmodjo
President Commissioner
Rofikoh Rokhim Hendrikus Ivo Heri Sunaryadi
Vice President Commissioner/ Independent Commissioner Independent Commissioner
Independent Commissioner
Rabin Indrajad Hattari Awan Nurmawan Nuh Dwi Ria Latifa
Commissioner Commissioner Independent Commissioner
Paripurna Poerwoko Sugarda Agus Riswanto Nurmaria Sarosa
Independent Commissioner Independent Commissioner Independent Commissioner
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report
Page 78
Company
Profile
“BRI’s business journey began in 1895, currently
BRI has 1 Head Office and serves all customers
through 7,745 domestic work units and 9 (nine)
overseas work units as well as an e-channel
network spread throughout Indonesia.”
PT Bank Rakyat Indonesia (Persero) Tbk.
76 2023 Annual Report
Page 79
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 77
Page 80
Company
Identity
Company Name Date of Establishment
PT Bank Rakyat Indonesia (Persero) Tbk December 16, 1895
Line of Business Authorized Capital Office Network Data
• 1 Head Office
Banking IDR
15,000,000,000,000 • 18 Regional Office
• 18 Regional Audit Office
• 453 Branch Offices
• 6 Branch Overseas Offices
Stock Fully Paid-In Capital • 7,155 Sub-Branch Offices*
• 3 Sub-Branch Overseas Offices
• 115 Mobile BRI Terraces
BBRI
IDR
7,577,950,080,200 • 4 Terraces BRI Ships`
* In accordance with POJK No.12/POJK.03/2021
concerning Commercial Banks, there is an
adjustment for bank office networks to only
consist of Head Offices, Regional Offices,
Social Media Branch Offices and Sub-Branch Offices. As of
Head Office Address December 31, 2022, there were 556 Sub-Branch
Offices, 5,117 BRI Units, 977 Teras BRI, 505
@BRIofficialpage bankbri_id Cash Offices.
Kantor Pusat @bankbri_id PT. Bank
Sentra BRI @kontakBRI Rakyat
Jl Jend Sudirman Kav 44-46 BANK BRI Indonesia
Jakarta 10210 (Persero) Tbk.
No. Tel. : ( 021) 251-0244, 251-0254, Listing in Indonesia
251-0264, 251-0269, stock exchange
251-0279 Contact Address
No. Fax : (021) 250-0077 The Company’s shares were listed
Website : www.bri.co.id on the Jakarta Stock Exchange (now
Contact BRI : 1500017
the Indonesia Stock Exchange) on
Email : callbri@bri.co.id
Corporate Secretary November 10, 2003.
Sabrina Whatsapp : 0812-12-14017
Agustya Hendy Bernadi
Corporate Secretary Division
Gedung BRI 1, Lt.15
Jl. Jend. Sudirman Kav. 44-46 Ownership Number of employees
Jakarta 10210
Email : humas@bri.co.id
Indonesian Government : 53.19% 77,739 people as of
Telp : (021) 5751966
Public : 46.81% December 31, 2023
Fax : (021) 5700916
PT Bank Rakyat Indonesia (Persero) Tbk.
78 2023 Annual Report
Page 81
Company
Profile
Office Addresses and/or Branch Offices
or Representative Offices
Regional Office
Yogyakarta Bandar Lampung Bandung
Jl. Cik Di Tiro No. 3 Terban, Gondokusuman, Jl. Raden Intan No. 51, Kel. Tanjung Karang Menara BRI Tower
Kota Yogyakarta Kec. Enggal, Kota Bandar Lampung, Lampung Jl. Asia Afrika 57 - 59, Kel. Braga, Kec. Sumur
Telp : (0274) 520270, 510850 Telp : (0721) 259340 Bandung, Bandung
Faks : (0274) 514166 Faks : - Telp : (022) 4200356
Email : h0197@corp.bri.co.id Email : j0449@corp.bri.co.id Faks : (022) 4232038
Web : www.bri.co.id Web : www.bri.co.id Email : f0198@corp.bri.co.id
Web : www.bri.co.id
Banjarmasin Denpasar Jakarta 1
Jl. Jend A. Yani KM 3,5 No. 151 Banjarmasin Kec. Jl. Dr. Kusuma Atmaja No. 1, Jl. Veteran II No. 8, Kel. Gambir,
Banjarmasin Timur, Kel. Kebun Bunga Kalimantan Renon Denpasar Kec. Gambir Jakarta Pusat
Selatan Telp : (0361) 228715 Telp : (021) 3840802
Telp : (0511) 3252056 Faks : (0361) 234796, 225791, 264858 Faks : (021) 3854253
Faks : - Email : m0203@corp.bri.co.id Email : e0199@corp.bri.co.id
Email : l0204@corp.bri.co.id Web : www.bri.co.id Web : www.bri.co.id
Web : www.bri.co.id
Jakarta 2 Jakarta 3 Jayapura
Gedung Menara Mulia Lt. 12 Jl. Kapten Soebianto Djojokusumo Kav BSD II Gedung BRI Lantai 3-5. Jalan Pasific Permai
Jl. Jend. Gatot Subroto Kav. 9-11, Kel. Karet No.1, BSD Kel. Lengkong Gudang, Kec. Serpong, Komplek Ruko Dok 2 Jayapura
Semanggi, Kec. Setiabudi, Jakarta Selatan Kota Tangerang Selatan Telp : (0967) 524488, 524453
Telp : (021) 52920585, 52920581 Telp : (021) 22230155 Faks : -
Faks : - Faks : - Email : o0856@corp.bri.co.id
Email : i0317@corp.bri.co.id Email : q0853@corp.bri.co.id Web : www.bri.co.id
Web : www.bri.co.id Web : www.bri.co.id
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 79
Page 82
Makassar Malang Manado
Jl. Ahmad Yani No. 8 Kel. Pattunuang Jl. Laksamana Martadinata No. 80 Kel. Sukoharjo Jl. Sarapung No 4-6 Kel. Wenang Utara
Kec. Wajo, Kota Makassar Kec. Klojen Kota Malang Kec. Wenang Kota Manado, Sulawesi Utara
Telp : (0411) 3613174, 312498 Telp : (0341) 474949 Telp : (0431) 863778, 863592
Faks : (0411) 312731 Faks : - Faks : -
Email : p0202@corp.bri.co.id Email : r0854@corp.bri.co.id Email : n0254@corp.bri.co.id
Web : www.bri.co.id Web : www.bri.co.id Web : www.bri.co.id
Medan Padang Palembang
Jl. Putri Hijau No. 2.A Kel. Kesawan Jl. Bagindo Azis Chan No. 30 Kel. Sawahan, Jl. Kapten A. Rivai No. 15, Kel Sungai
Kec. Medan Barat Kota Medan Kec. Padang Timur Kota Padang Pangeran Kec. Ilir Timur I Kota Palembang
Telp : (061) 45256666 Telp : (0751) 892309, 892310, 892311, 892312 Telp : (0711) 313411
Faks : - Faks : - Faks : -
Email : b0201@corp.bri.co.id Email : c0205@corp.bri.co.id Email : d0200@corp.bri.co.id
Web : www.bri.co.id Web : www.bri.co.id Web : www.bri.co.id
Pekanbaru Semarang Surabaya
Jl. Jenderal Sudirman No. 12 Kel. Tangkerang Jl. Teuku Umar no 24 Kel. Jatingaleh Gedung BRI Tower
Tengah Kec. Marpoyan Damai, Kota Pekanbaru Kec. Candisari Kota Semarang Jl. Basuki Rahmat No.122 - 138, Embong
Telp : (0761) 8011100, 7865018 Telp : (024) 8440728, 8440729, 8440730 Kaliasin, Kec. Genteng, Kota Surabaya
Faks : - Fax : (024) 8445632 Telp : (031) 5324225
Email : x0855@corp.bri.co.id Email : g0196@corp.bri.co.id Faks : -
Web : www.bri.co.id Web : www.bri.co.id Email : k0146@corp.bri.co.id
Web : www.bri.co.id
Overseas Branch Office
BRI New York Agency BRI Hong Kong Representative Office BRI Cayman Island Branch
140 Broadway, 36th Floor Room 1115, 11/F. Lippo Centre Tower II 190 Elgin Avenue Grand Cayman,
New York, NY 10005 89 Queensway, Hong Kong KY1-9005, Cayman Islands
Telp : +1 (212) 379 3840-45 Telp : +852 2527 1318 Telp : +1 (212) 379 3840-45
Faks : +1 (212) 379 3850 Faks : +852 2861 3693 Faks : +1 (212) 379 3850
Email : briny@brinya.com Email : brihk@brihongkong.com Email : bri.cayman@bri.co.id
Web : www.brinya.com Web : www.brihongkong.com Web : -
BRI Singapore Branch BRI Timor Leste Colmera Branch BRI Taiwan Branch
50 Collyer Quay #08-06, OUE Bayfront, BRI Colmera Branch 1F, No. 166, Sec. 3, Nanjing East Road,
Singapore 049321 Grand Diocese Colmera Complex, Zhongshan District, Taipei City 104105,
Telp : +65 6805 0680 Rua Nicolau Doc Reis Lobato Colmera Dili, Taiwan – R.O.C
Faks : +65 6509 1742 Timor Leste Telp : +886 2 2721 6330
Email : bri.sg@bankbri.com.sg Telp : +670 3311372 Faks : +886 2 2721 0320
Web : www.bankbri.com.sg Faks : +670 3310198 Email : -
Email : timorleste@corp.bri.co.id Web : www.britaipei.com
Web : -
BRI Timor Leste Sub Branch Futuhada BRI Timor Leste Sub Branch Hudilaran BRI Timor Leste Sub Branch Audian
Time Square Complex, Rua Nicolau Doc Reis Top One Complex, Rua Hudilaran Bairopite, Rua 12 De Novembro No. 2, S
Lobato Fatuhada, Timor Leste Timor Leste anta Cruz - Municipiu, Timor Leste
Telp : +670 3310436 Telp : +670 3311378 Telp : +670 3311208
PT Bank Rakyat Indonesia (Persero) Tbk.
80 2023 Annual Report
Page 83
Company
Profile
Company
Brand
The meaning of logo:
THE LEADER OF CHANGE
As The Leader of Indonesian Banking Industry, the visual component system
of BRI requires refreshment. The use of logo in any communication material
requires minor adjustments to support the accuracy of an overall visual
component system.
Logo adjustment for BRI as the Holding Company is also necessary with the
Bank BRI relevancy as it governed various subsidiaries engaged in non-banking.
Changes in the Logotype of “Bank BRI” to “BRI” serves as a statement that
BRI as the Holding Company does not only have various subsidiaries engaged in
banking, but is much more extensive.
A logogram with an equilateral square shape denotes balance. While the rounded lines signifying the
dynamics or flexibility in addressing the changing times.
The lines and shape of lettering of ‘BRI’ are made from straight-lines that denote firmness of BRI in
sustainably being present and serving all Indonesians. The rounded lines reflecting BRI services represent
flexibility, as BRI always upholds safety and comfort for its customers (Consumer-Centric).
The lines, color, and shape of the logotype are firm and simple but precisely measurable to give impressions
that reflect an excellent management system, conveniences, as well as security.
The shape and coloring in a firm and regular manner hope to be able to convey an image of a modern
and professional institution, reflecting the characteristics of the banking industry which emphasizes
precision and accuracy. It also gives an impression of modern management in a national business with an
international outlook and based on progressive spirit.
The display of lines, shape and coloring give an impression of simplicity and firmness but solid, which
reflects one of BRI’s mission statements as the spearhead in the Government’s policies to provide banking
services to all society segments, beginning from the smallest and remote communities to the largest
urban groups in cities. kota-kota.
The blue color denotes a feeling of comfort, calmness, and tranquility.
Philosophy of Tagline:
“Melayani Dengan Setulus Hati”
This sentence describes the spirit of BRI’s vision and mission, which has always been sincere in extending
the best services. This sentence is BRI’s commitment to continually prioritize customer satisfaction, which
consists of various levels of society and is located across Indonesia.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 81
Page 84
Brief History
of The Company
of Establishment of the Company” and
article 3 concerning “Aims and Objectives
and Business Activities” to comply with
the provisions of Law of the Republic
of Indonesia No. 1 of 1995 concerning
“Limited Companies” and was ratified
by the Minister of Justice of the Republic
of Indonesia with Decree No. C2- 24930.
HT.01.04.TH.98 dated November 13, 1998
and was announced in the State Gazette
of the Republic of Indonesia No. 86,
Supplement No. 7216 dated October 26,
1999 and deed No. 7 dated October 3, 2003
before Notary Imas Fatimah, S.H., related
to the company’s status and adjustment to
the Capital Market Law and was ratified by
the Minister of Justice and Human Rights
of the Republic of Indonesia with Decree
no. C-23726 HT.01.04. TH.2003 dated
October 6, 2003 and had been announced
in the State Gazette of the Republic of
Indonesia No. 88, Supplement No. 11053
dated November 4, 2003.
The history of PT Bank Rakyat Indonesia (Persero) Tbk
(hereinafter referred to as “BRI”) was
PT Bank Rakyat established and startedits commercial
Indonesia (Persero) operations on December 18, 1968 based
on Law no. 21 of 1968. On April 29, 1992,
Tbk. (“BRI”, “Bank”, based on Government Regulation of the
or “Company”) were Republic of Indonesia (“Government”)
No. 21 of 1992, the legal entity form of
started in 1895 in BRI was changed to a Limited Liability
Purwokerto, Central Company (Persero). The transfer of BRI to
Java, by Raden Bei Aria become a Limited Liability Company was
documented by deed No. 133 dated July
Wirjaatmadja, originally 31, 1992 before Notary Muhani Salim, S.H.
to manage mosques’ and was ratified by the Minister of Justice
of the Republic of Indonesia with Decree
cash, to be distributed No. C2-6584. HT.01.01.TH.92 dated August
to the public using a 12, 1992, and announced in the State
simple scheme. Gazette of the Republic of Indonesia No.
73, Supplement No. 3A dated September
11, 1992. BRI’s Articles of Association
were later amended by Deed No. 7 dated
September 4, 1998 before Notary Imas
Fatimah, S.H., article 2 concerning “Term
PT Bank Rakyat Indonesia (Persero) Tbk.
82 2023 Annual Report
Page 85
Company
Profile
Based on Bank Indonesia Decree No. 5/117/ DPwB2/PWPwB24 regarding to several provisions of the Articles of Association of
dated October 15, 2003, regarding the “ Appointment Deed of BRI, which received the Acceptance of Amendments to the Articles
BRI as a foreign exchange commercial bank”, BRI was designated of Association from the Minister of Law and Human Rights of the
as a foreign exchange bank through the Letter of the Monetary Republic of Indonesia with Decree No.AHU-AH.01.03-0159493
Board No. SEKR/BRI/328 dated September 25, 1956. dated March 12, 2021, and the last time was amended in Deed
Number 4 Dated October 6, 2021 which was made before Notary
Based on deed No. 51 dated May 26, 2008 before Notary Fathiah Fathiah Helmi, SH in Jakarta and had received Notification of
Helmi, S.H., amendments were made to the Articles of Association Amendment to the Articles of Association from the Minister
of BRI, related to make adjustments to the provisions of Law of of Human Rights Law of the Republic of Indonesia Number
the Republic of Indonesia No. 40 of 2007 concerning “Limited AHUAH.01.03-0457763 dated October 07, 2021.The changes were
Companies” and Regulation of the Capital Market and Financial made in order to comply with OJK Regulation (“POJK”) No. 15/
Institutions Supervisory Agency (“Bapepam-LK”) (its function POJK.04/2020 concerning the Plan and Implementation of the
was transferred to the Financial Services Authority since January General Meeting of Shareholders (“GMS”) of a Public Company
1, 2013), No. IX.J.I concerning “The Principles of the Articles of and POJK No. 16/POJK.04/2020 concerning the Implementation
Association of Companies Conducting Public Offerings of Equity of the Electronic Public Company GMS, as well as paid-in capital.
Securities and Public Companies”, which obtained approval
from the Minister of Law and Human Rights of the Republic of Based on article 3 of BRI’s Articles of Association, the scope of
Indonesia with Decree No. AHU-48353.AH.01.02.Year 2008 dated BRI’s activities is to conduct business in the banking sector and
August 6, 2008 and had been announced in the State Gazette of optimize the use of BRI’s resources to produce high quality and
the Republic of Indonesia No. 68, Supplement No. 23079 dated highly competitive services for profit in order to increase company
August 25, 2009. value by applying the principles of Limited Liability Companies.
Furthermore, BRI’s Articles of Association were amended several BRI is owned by the Government of the Republic of Indonesia as
times. The latest amendments were documented before the the majority shareholder.
Notary Deed of Fathiah Helmi S.H., No. 3 dated March 9, 2021,
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 83
Page 86
Description of Name Change
DECEMBER 16, 1895
De Poerwokertosche Hulp en Spaarbank
der Inlandsche Hoofden
Hulp en Spaarbank der Inlandshe
Bestuurs Ambtenareen
De Poerwokertosche Hulp Spaaren JULY 10, 1912 OCTOBER 3, 1942
Landbouw Credietbank atau Centrale Kas Voor Volkscredietwezen Syomin Ginko
Volksbank Algemene
AUGUST 11, 1897 FEBRUARY 19, 1934
De Poerwokertosche Hulp Spaaren Algemene Volkscredietbank
Landbouw Credietbank (AVB)
PT Bank Rakyat Indonesia (Persero) Tbk.
84 2023 Annual Report
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Company
Profile
No. About Related Deeds/Regulations Date Notary Public
1. Establishment of BRI PP Number 1 of 1946 concerning Bank Rakyat Indonesia February 22, 1946
Law Number 21 of 1968 concerning Bank Rakyat
2. Establishment of BRI December 18, 1968
Indonesia
PP Number 21 of 1992 concerning Adjustment of
Adjustment of the legal form of the
3. theLegal Form of Bank Rakyat Indonesia to become a April 29, 1992
Persero
Limited Liability Company
Approval of Deed of Establishment of Deed Number 133 concerning the Limited Liability
4. July 31, 1992 Muhani Salim, S.H.
Limited Liability Company Company (Persero) PT Bank Rakyat Indonesia (Persero)
Deed Number 7 concerning Company Status &
5. Initial Public Offering October 3, 2003 Imas Fatimah, S.H
Adjustment to Capital Market Law
FEBRUARY 22, 1946 DECEMBER 18, 1968 NOVEMBER 10, 2003
Bank Rakyat Indonesia (BRI) Bank Rakyat Indonesia (Bank Umum) PT Bank Rakyat Indonesia (Persero) Tbk
SEPTEMBER 24, 1960
Bank Koperasi Tani Nelayan (BKTN)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 85
Page 88
Vision, Mission
and Corporate Culture
VISION
“The Most Valuable
Banking Group in Southeast Asia
& Champion of Financial
Inclusion.”
MISSION
A. To conduct the best banking practices with a priority to serve micro, small and medium enterprises to
support the economy of the people.
B. To provide customers with excellent services through professional human resources with a performancedriven
culture, reliable information technology and future ready, aas well as productive conventional and digital
network by adhering the operational principle and risk management excellence.
C. To create optimal values and benefits for stakeholders with due observance to sustainable financial
principles and Good Corporate Governance best practices.
REVIEWS OF VISION AND MISSION BY
THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS
The Company’s Vision and Mission has been stipulated in letter No. R.394-
DIR/ CDS/06/2021 dated 30 June 2021. In order to ensure the suitability of
the Vision and Mission, the Company always reviews the Vision and Mission
periodically.
PT Bank Rakyat Indonesia (Persero) Tbk.
86 2023 Annual Report
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Company
Profile
Corporate Culture
BRI One Culture is used as a guideline for implementing and
building a performance driven culture (performance-based
company culture) in achieving the company’s vision. BRI One
Culture consists of Core Values Morals as key daily behaviors that
are able to encourage the Company’s performance achievements
One Culture:
A H | KO M
AN PE
M
A
TE
|
N|
ABORATIF
CORE VALUES:
HARMO
L
NI
O
S
|K
LO
|
YAL TI F
| ADAP
CORE VALUES:
AKHLAK Core Values is a Human Resources core values within
the scope of State-Owned Enterprises (SOEs) as an identity and
deep-rooted work culture that foster sustainable performance
improvement and become the foundation of BRI Corporate
Culture. AKHLAK Core Values has 6 core values and translated
into 6 keywords and 18 conducts.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 87
Page 90
1. Fulfill promises and commitments. 1. Improve self-competence to respond to 1. Respect everyone regardless of
2. Responsible for tasks, decisions & ever-changing challenges. background.
actions taken. 2. Helping people learn. 2. Likes to help others.
3. Adhering to the Behavior of moral & 3. Complete tasks with the best quality 3. Build a conducive work environment.
ethical values.
We hold fast to We continue to learn We care about each other
the trust given. and develop capabilities. and respect differences.
TRUSTWORTHY COMPETENT HARMONIOUS
LOYAL ADAPTIVE COLLABORATIVE
We continue to innovate and
We are dedicated and prioritize the We promote synergy
enthusiastic in driving or
interests of the nation and state. in cooperation
facing change.
1. Maintain the good name of fellow 1. Quickly adapt to be better. 1. Provide opportunities for various
employees, leaders, BUMN & the State. 2. Continuously making improvements parties to contribute.
2. Willing to sacrifice to achieve a bigger following technological developments. 2. Open in working together to generate
goal. 3. Act proactively added value.
3. Obey the leadership as long as it is not 3. Mobilize the use of various resources
against the law & ethics. for common goals.
BRI has also formulated and established unique attributes that can provide visualization or images that can increase interest in the best
external talent (Star Talent) and build employee loyalty and engagement in the BRI Group (Employee Value Proposition). The Employee
Value Proposition determined is “Memberi Makna Indonesia” (Providing Meaning to Indonesia) where these attributes are formulated
by considering living values, attractive values, and ideal values that live and develop at BRI.
BRI Group’s Employee Value Proposition is translated into 3 (three) aspects, namely:
1) LEARN: BRI Group is a place to learn and develop for every Insan BRILiaN, forming superior individuals who are tough, dynamic and
relevant to current developments.
2) GROW: For every Insan BRILiaN, planning the future is not just a hope. The opportunity to achieve a career at BRI is wide open for
every Insan BRILiaN who is able to demonstrate consistently superior performance.
3) CONTRIBUTE: BRI Group creates people who bring change, stars of life who change the economic life of society with enthusiasm
without giving up. Together, creating, making life more meaningful.
PT Bank Rakyat Indonesia (Persero) Tbk.
88 2023 Annual Report
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Company
Profile
Business
Activities
Business Activities According to The Article Association and Business Activities Conducted
BRI’s business activities were in accordance with the latest Deed Number 4 dated October 6, 2021 which was made before Fathiah Helmi,
SH Notary in Jakarta and received Acceptance of Notice of Amendment to the Articles of Association from the Indonesian Minister of Law
and Human Rights Number AHU-AH.01.03-0457763 October 7, 2021 BRI as follows:
The purpose and objective of the Company is to engage in the banking activity and optimizing the utilization of the Company’s resources
to deliver excellent services and strong competitiveness in order to gain/obtain profitability so as to increase the BRI values with due
observance to the principles of Limited Liability Company.
In order to achieve the above purpose and objective, BRI may undertake the following main business:
a. Collect funds from the public in the form of current accounts k. Purchasing through auction or in other ways the collateral
deposits, term deposit, certificates of deposit, savings and/or either in whole or in part in the event that the debtor does
other equivalent forms. not fulfill his obligations to the Company as a Bank, provided
b. Providing loans. that the purchased collateral being can be liquidated
c. Issuing a debt acknowledgment letter. immediately.
d. Buying, selling, or guaranteeing at their own risk or for the l. Implementing factoring, credit card business, and trustee
benefit and at the behest of their customers; activities.
1) Bills of exchange including drafts and acceptance by m. Financing and/or performing other activities based on Sharia
the bank which validity periods are no more than the Principles, in accordance with the provisions stipulated by
customary in the trade of the intended bills; the authorities.
2) Promissory note and other commercial papers which n. Activities in foreign exchange by fulfilling provisions
validity periods are no more than the customary in the stipulated by the authorized.
trade of the intended bills; o. Conduct capital participation in bank or other company
3) State treasury papers and government guarantee in the financial sector, such as leasing, venture capital,
instruments; securities companies, insurance, and institutions clearing
4) Bank Indonesia Certificates; settlement and storage, with fulfill the conditions stipulated
5) Bond; by authorized.
6) Term commercial papers in accordance with the laws and p. Conduct temporary capital participation activities for
legislations; and overcome the consequences of loan failure or financing
7) Other securities in accordance with the laws and failure based on Sharia Principles provided that the
legislations participation musct be withdrawn, subject to the provisions
e. Money transfer for self- interest or customers’ interest. of the competent authority.
f. Investing funds to, borrowing fund from, or lending fund to q. Acting as founder of a pension fund and pension fund
other bank(s), both by means of letters, telecommunication administrators according to the provisions of the legislation.
facilities, or a sight draft, check, or other means. r. Carrying out other activities commonly performed by
g. Menerima g. Receiving payment from the collection of banks provided that such activities complies with laws and
commercial papers and make calculation with or between regulations.undangan.
the third party.
h. Providing place to store securities and valuable items. Apart from the main business activities stated above, BRI can
i. Providing custodial service for the interest of other parties carry out supporting business activities in order to optimize the
under contract. utilization of its resources to foster the main business activities
j. Investing funds of one customer to another customer in the with due observance to the prevailing laws and regulations. All
form of securities not listed on the Stock Exchange. business activities according to the Articles of Association have
been carried out by BRI.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 89
Page 92
Products and Services
Fund Raising
11. BRI BritAma Kerjasama Savings
12. BRI BritAma TKI Savings
13. BRI BritAma Bisnis Savings
Savings product that provides
various conveniences in conducting
banking transactions that support
business, supported by a real time
online e-banking fund system facility
that enable customers transaction
anytime and anywhere. Morevoer,
BritAma savings has free accident
insurance cover, E-banking feature
and competitive interest rates and
more detailed transaction records in
the Savings book and bank statements
Deposito BRI real time online e-banking system request via email.
1. DepoBRI Rupiah fund facility that enable customers 14. BRI BritAma Rencana Flexy Savings
2. DepoBRI Valas to make transactions anytime and 15. BRI BritAma Valas Savings
3. Deposito On Call anywhere. In addition, BritAma 16. BritAma Valas Rencana
4. Deposito On CAll Valas savings have free accident insurance 17. BRI Junio Savings
coverage, E-banking features and BRI Junio is a savings product
Giro BRI competitive interest rates. especially created for children,
1. Giro BRI Rupiah intended to introduce banking to
2. Giro BRI Valas BRI Britama Savings is completed children and to nurture the habit of
with e-banking facilities for saving from an early age. The BRI
BRI Savings customers’ easy transactions at Junio savings comes with e-banking
1. BRI Simpedes Savings any place and any time, as well as features, financial planning features
Simpedes Savings is a savings product free personal accident insurance (Junio Rencana), personal accident
from BRI, intended for rural people but coverage. BritAma Savings also has insurance coverage for children, and a
comes complete with modern features sub products, including BritAma specially-designed Debit Card.
such as an ATM card that provide access Umum, BritAma Bisnis, BritAma 18. Junio Rencana
through other bank’s domestic ATM Rencana, BritAma Muda, BritAma BRI Junio is a savings product
networks, supported by 24-hour Internet Mitra, BritAma TKI, BritAma Foreign especially created for children,
Banking and Mobile Banking services. Currency with choices of USD, SGD, intended to introduce banking to
2. Simpedes TKI AUD, EUR, CNY, AED, HKD, GBP, JPY children and to nurture the habit of
3. Simpedes Impian and SAR currencies. saving from an early age. The BRI
4. Simpedes Usaha 10. BRI BritAma X Savings Junio savings comes with e-banking
5. Simpedes BISA A savings product with a special and features, financial planning features
6. Tabungan BRI Simpel elegant debit card design for young (Junio Rencana), personal accident
7. Tabunganku customers as well as giving various insurance coverage for children, and a
8. Tabunganku Basic Saving Account conveniences in conducting banking specially-designed Debit Card.
9. BRI BritAma Reguler Savings transactions supported by e-banking 19. BRI SiMuda Savings
A savings product that provides a facilities and online real time system 20. Haji BRI Savings
variety of conveniences in conducting that made it possible for customers
banking transactions supported by a to transact anytime and anywhere.
PT Bank Rakyat Indonesia (Persero) Tbk.
90 2023 Annual Report
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Company
Profile
Distribution of Funds
m. KMK Connstruction Medium Loan
n. KMK Foreign Currency Medium
Loan
14. Non KUR Program Credit
a. S-SRG (Warehouse Receipt
Subsidy Scheme)
15. Kupedes
Kupedes is a general loan that can
finance all sectors of the micro
segment economy that can be
used for working capital needs
and/or investment to individual
debtors/individuals who meet the
requirements.
1. Bank Guarantee e. Small KMK a. Kupedes Rakyat Working Capital
a. Tender/Bid Bond f. KMK Fixed Small Installments b. Kupedes Rakyat Investment
b. Advance Payment Bond g. Small Dynamic KMK c. Kupedes for Indonesian Migrant
c. Performance Bond h. KMK for Small Construction Workers
d. Maintenance Bond i. KMK Small Partners d. Kupedes Working Capita
e. Financial Bond j. KMK Small Gas Station e. Kupedes Investment
f. Bond Payment k. Small Foreign Currency KMK f. Kupedes Special Interest Rates
g. Custom l. KMK Small Franchise g. Kupedes 500 Million
h. BG Year End m. Small Cash Collateral Loans h. KECE
2. Bank Guarantees on The Basis of 12. Corporate Loans i. Kupedes Cash Collateral
Counter Guarantees a. KI Corporate Loan 16. KUR
3. Banker’s Acceptance b. KI Foreign Currency Corporate a. KUR Supermikro BRI
4. Ceria by BRI Loan KUR Super Micro is a special
5. BRIguna Loans c. KI Franchise Corporate Loan financing facility for new
a. BRIguna Karya d. KMK Corporate Loan customers who have never applied
b. BRIguna Karya Talangan e. KMK Buyer Financing for loan services, which is primarily
c. BRIguna Karya Profesi f. KMK Seller Financing intended for workers who have
d. BRIguna Karya Pendidikan g. KMK Foreign Currency Corporate been laid off or housewives who
e. BRIguna Karya Smart Loan run a productive business with a
f. BRIguna Karya Purna h. KMK WA Construction Corporate maximum loan of IDR10 million
g. BRIguna Karya Purna Smart Loan per debtor with a maximum loan
h. BRIguna Purna i. KJP period of 3 (three) years and or
i. BRIguna Purna Profesi j. Corporate Cash Collateral Loans Investment Loan with a maximum
6. Collection Non LC 13. Medium Loans loan term of 5 (five) years.
a. Document Against Payment a. KI Medium Loan b. KUR Mikro KMK BRI
b. Document Against Acceptance b. KI Partner Medium Loan KUR Mikro KMK BRI is a
7. Fasilitas Intraday BRI c. KI Petrol Station Bridging Medium financing facility for novice micro
8. Forfaiting (Bank Risk) Loan entrepreneurs with a maximum
9. KKB Multifance Coorporation Loan d. KI Foreign Currency Medium Loan loan of IDR50 million per debtor
(Join Financing) e. KI Franchise Medium Loan which can be in the form of Working
10. KPR BRI f. Medium Cash Collateral Loans Capital Loan with a maximum loan
a. KPR BRI g. KMK Medium Loan period of 3 (three) years and or
b. KPR Subsidi h. KMK Dynamic Medium Loan Investment Loan with a maximum
11. Kredit Kecil i. KMK Partner Medium Loan loan period of 5 (five) years. KUR for
a. Small KI j. KMK Export Medium Loan Indonesian Workers is a financing
b. KI Fixed Small Installments k. KMK Import Medium Loan facility that applies specifically to
c. KI Small Gas Station l. KMK Petrol Station Bridging Indonesian workers with placements
d. Small Dynamic KI Medium Loan in Singapore, Hong Kong, Taiwan,
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 91
Page 94
Brunei, Japan, South Korea, and Sejahtera - Optimum Prosperous 32. Contact BRI
Malaysia with a maximum financing Life Insurance (Aurora Insurance) a. SABRINA
of IDR25 million. h. Life Care Insurance b. Video Banking
c. KUR Mikro TKI BRI i. ACCI Care Insurance c. Social Media
d. KUR Mikro KI BRI j. Griya Proteksi Maksima - Maxima d. Call Center
e. Special KI KUR Protection House 33. CRM
f. Special KMK KUR k. Pelita Life Insurance 34. Derivative & Structure Product
g. KUR Small KI l. Brins Insurance Asri Insurance a. FX Forward
h. KUR Small KMK m. Brins Oto Insurance b. FX Par Forward
17. Letter of Credit (LC)/Domestic n. Bicycle Insurance c. FX Domestic Non Deliverable
Letter of Credit (SKBDN) o. Credit Life Insurance (AJK) Home Forward (DNDF)
a. LC/SKBDN Publishing Ownership Loans (KPR) d. FX Swap
b. LC/SKBDN Acceptance p. Standard Insurance Fire Insurance e. FX Option
18. Partnership Program q. Maximum Auto Protection f. Cross Currency Swap (CCS)
a. MSE Funding Program r. Asuransi Proteksi Jiwa Terencana - g. Interest Only Swap (IOS)
19. Refinancing LC (BRI as Borrower/ Planned Life Protection Insurance h. Principal Only Swap (POS)
Lender) (Kirana Insurance) i. Forward Rate Agreement (FRA)
a. Refinancing LC (BRI as Borrower) 26. Bank Reference j. Interest Rate Swap (IRS)
b. Refinancing LC (BRI as Lender) 27. BRI Money Changer k. Bond Forward
20. SBLC/Demand Guarantee a. Same Currency l. Bond Option
a. Bid Bond Stanby b. Different Currency m. Overnight Index Swap (OIS)
b. Advance Payment Standby 28. BRIefx 35. Foreign Exchange Product
c. Commercial Standby 29. BRIFast Remittance a. FX Today
d. Performance Bond Standby BRIfast Remittance is BRI’s remittance b. FX Tomorrow
e. Direct Pay Standby service for outgoing fund remittance to c. FX Spot
f. Counter Standby overseas countries and incoming fund 36. Interest Rate Product
g. Financial Standby remittance from overseas to Indonesia. a. MTN/MTN Issue (Medium Term
21. Shipping Guarantee BRIfast Remittance offers outgoing Note)
22. Supply Chain Financing (SCF) remittance in 144 currencies all over b. LTN/LTN Issue (Long Term Note)
a. Supply Chain Financing Account the world, incoming remittance credited c. Repo/Reverse Repo of Securities
Receivable to BRI accounts, incoming remittance d. Placement/Borrowing
b. Supply Chain Financing Account credited to other bank accounts, and e. Term Deposit
Payable incoming remittance cash pick-up f. Deposit/Lending Facility
c. Document Against Payment/ service service (no need for a bank g. Club Loan
Document Against Acceptance account) that can be withdrawn in all h. Issuance of Negotiable Certificate
Financing BRI units as well as BRI AgenBRILink in of Deposit (NCD)
d. Telegrafic Transfer Financing Indonesia in real time online. i. Corporate Bond
23. Trade Asset Participation (Bank Risk) 30. Virtual Account j. Foreign Bond
24. ATM a. BRIVA (BRI Virtual Account Credit) k. Sub Debt
25. Bancassurance b. Cash Card (BRI Virtual Account
a. Asuransi Jiwa Optimal Sejahtera Debit)
Plus - Optimal Sejahtera Plus Life 31. BRIZZI
Insurance (Aurora Plus Insurance)
b. Asuransi Dana Investasi Sejahtera
- Prosperous Investment Fund
Insurance (Davestera)
c. Dana Investasi Sejahtera -
Prosperous Investment Fund
(Davestera) Optima Syariah
d. Dana Investasi Sejahtera -
Prosperous Investment Fund
(Davestera) Optima
e. BRI Life Double Care Insurance
f. Professional Group Health Insurance
g. Asuransi Jiwa Optimal Sejahtera
PT Bank Rakyat Indonesia (Persero) Tbk.
92 2023 Annual Report
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Company
Profile
37. Kartu Debit BRI
a. Master Card
b. Private Label
c. BRI Combo Card
38. Kartu Kredit BRI
a. BRI Touch
b. BRI Touch Cardless
c. BRI Touch Special Edition
d. BRI Infinite
e. BRI Easy Card
f. BRI Mastercard Platinum
g. BRI World Access
h. BRI Business Card
i. BRI Corporate Card 40. Securities Marketing Distribution Nyaman Sejahtera - Complete
j. BRI JCB Platinum Partners Insurance Economical
k. Cobranding Wonderful Indonesia a. Indonesian Retail Bond Selling Comfortable Prosperous (Lentera)
l. Cobranding Tokopedia Card Agent (ORI) d. Optima Medicash Telepro
m. Cobranding OVO U Card b. Retail Savings Bonds Selling Agent Insurance
n. Cobranding Raya c. Retail Sukuk Selling Agent e. Asuransi Jiwa Optimal Sejahtera
o. Cobranding Promoter d. Savings Sukuk Selling Agent - Optimum Prosperous Life
p. Cobranding Traveloka Paylater Card 41. Safe Deposit Box (SDB) Insurance (Aurora Insurance)
q. Cobranding Kartu Emas Pegadaian 42. Self Service Banking (SSB) f. Asuransi Dana Investasi dan
r. Cobranding BTN Gold a. SSB Digital Customer Service Proteksi - Investment and
s. Cobranding BTN Platinum b. SSB RCM (Replacement Card Protection Fund Insurance
t. Cobranding Paper.id Machine) (Davespro)
u. Cobranding Nex Card c. SSB SSPP (Self Service Pastbook g. Health and Prosperity Fund
v. Cobranding Paper.Id Printing) (Dasetera)
w. Kartu Kredit Indonesia d. SSB QMS (Queueing Management h. Asuransi Mikro Proteksi Aman
x. Mastercard Corporate KKP System) Sejahtera - Prosperous Safe
y. KKPD Private Label 43. Senyum Mobile Self-Serve Protection Micro Insurance
39. Excellent Customer Service An integrated service concept that (PIJAR)
a. a. BRI Prioritas makes it easier for people to access i. Telepro Diri Optima
A banking service and services BRI, Pegadaian and PNM products j. RumahKu
activity provided by BRI exclusively and services at BRI unit offices which k. UsahaKu
to BRI Prioritas customers in are equipped with Pegadaian and l. Asuransi Mikro-Kecelakaan,
the form of one stop financial PNM counters, and the Smile Mobile Kesehatan dan Meninggal Dunia -
services, including banking Application is an extension of the Accident, Health and Death Micro-
services and services in general, reach of the Ultra Micro Service Center Insurance (AM-KKM)
financial planning and investment (Senyum) which is now within reach. 47. Derivative & Structure Product
consulting services, insurance, 44. Transaksi Otomatis a. Call Spread Option (CSO)
and retirement planning. a. Automatic Fund Transfer (AFT) b. BRI Swap Deposit
b. BRI Private b. Automatic Grab Fund (AGF) 48. Mutual Fund Sales Agent
A banking services and activities c. Account Sweep a. Bahana Liquid Funds
provided by BRI exclusively to d. New Account Sweep (NAS) b. Danareksa Seruni Money Market II
BRI Private customers which e. Autodebet c. Schroder Liquid Funds
are personal and customized, 45. Interbank transfer d. Cash Trim 2
including general banking a. RTGS e. Bahana Liquid USD
services and services, financial b. Kliring f. Danareksa Gamasteps Money
and investment planning c. BIFAST Market
consultation services, insurance d. Online Transfer Antar Bank g. Manulife Indonesian State Bond II
(bancassurance), retirement 46. Bancassurance Class A
planning and inheritance planning a. Telepro Sehat Optima h. Manulife Monthly Income II
consultations. b. Telepro Jiwa Optima i. Bahana Makara Prima
c. Asuransi Lengkap Ekonomis j. Danareksa Melati Main Income
k. Schroder USD Bond Fund
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 93
Page 96
l. Danareksa Brawijaya Abadi Fixed 57. BRI Smart Billing the customers in an integrated
Income 58. BRI Smart Junio manner with the Enterprise
m. RD Ganesha Abadi Class D 59. BRI Trust Resource Planning (ERP) system,
n. Ashmore Nusantara Bond Fund 60. AgenBRILink and many other cash management
o. Ashmore Dana USD Nusantara AgenBRILink is a service expansion services.
p. Manulife Mixed Fund II where BRI collaborates with BRI 66. Confirming Bank Business
q. Bahana Infrastructure Fund customers as agents who can serve 67. Corporate Billing Management
r. Danareksa Orchid Flexible banking transactions for the public in 68. EDC
s. Danareksa Sharia Balanced real time online with the concept of a. EDC Android
t. Schroder Integrated Fund II sharing fees. Through AgenBRILink, b. EDC Partnership
u. Schroder Syariah Balanced Fund BRI customers and the general public 69. E-Tax
v. Schroder Combination Funds can get the same services as at BRI 70. iBBIZ BRI
w. Combination Trim 2 offices. 71. Customer Cash Pick Service
x. Danareksa Balanced Regular a. EDC BRILink 72. Online Acquiring
Income Fund b. EDC BRILink MPOS a. BRI Virtual Debit
y. Ashmore Dana Progressive c. BRILink Mobile b. Credit Card
Nusantara 61. BRImerchant 73. QRIS
z. Manulife Dana Class A Shares 62. BRImo a. QRIS MPM
aa. Dana Ekuitas Prima 63. BRImola b. QRIS CPM
bb. Danareksa Indeks Syariah 64. BRIStore c. API QRIS Static
cc. Danareksa Mawar Konsumer 10 65. Qlola Cash Management 74. Stroberi
dd. Schroder 90 Plus Equity Fund a. BRI Cash Management (CMS) a. Stroberi Kasir
ee. Schroder Dana Prestasi BRI’s Cash Management services b. Stroberi Tagihan
ff. Trim Kapital enable corporate customers 75. Trustee BRBRI
gg. Schroder Global Syariah Equity to monitor their financial
Fund transactions via online facilities
hh. Danareksa Mawar Fokus 10 directly. The Cash Management
ii. Danareksa G20 Sharia Equity Fund service also includes a notional
Dollar pooling facility as an added
jj. Trimegah Fixed Income Plan value service from GiroBRI for
kk. Danareksa MSCI Indonesia ESG the corporate group customers,
Screened Kelas A enabling consolidated balances
ll. Reksadana Terproteksi Danareksa and borrowing among group
Proteksi 93 members based on the agreed
mm. Trimegah Protected Prime 23 consolidated balance, a corporate
nn. Trimegah Protected Prime 27 virtual account facility as an
oo. Trimegah Protected Prime 29 added value service to facilitate
49. BRI Syndication Agent identification of incoming and
50. RDN Administrator Bank outgoing funds transactions by
51. KSEI Payment Bank
52. BRI Credit Card Mobile
53. BRI Ecopay
54. BRI Future Investment (BRIFine)
a. PPIP (Program Pensiun Iuran
Pasti)
b. Other Benefit Programs
55. BRI Kustodian
a. Mutual Fund Custodian Services
b. Asset Backed Securities Custodian
Services
c. General Safekeeping Custodian
Services
d. Tapera Custodian Services
56. BRI Kustodian
Custodian Services Contract Fund
Management (Discretionary Fund).
PT Bank Rakyat Indonesia (Persero) Tbk.
94 2023 Annual Report
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Company
Profile
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 95
Page 98
Operating
Area
As of December 31, 2023, BRI has 1 Head Office and serves all customers through 7,745 domestic work units
and 9 (nine) overseas work units as well as an e-channel network spread throughout Indonesia.
Medan
Pekanbaru
Padang
Palembang
JAKARTA
Bandar Lampung
Banjarmasin
Jakarta 1
Jakarta 3 Jakarta
Jakarta 2 Semarang
Bandung
Yogyakarta
Surabaya
Malang
Bali
Table of E-Channel Network for the last 5 years
E-Channel Type 2023 2022 2021 2020 2019
ATM 12,263 13,863 14,463 16,880 19,184
EDC* 196,143 228,340 203,027 198,785 204,386
CRM 9,007 8,007 7,407 5,809 3,809
E-Buzz 57 57 57 57 57
Total 38,553 250,267 224,954 221,531 227,436
* Total EDC includes EDC Operational Work Units (UKO)
E-Channel Type 2023 2022 2021 2020 2019
EDC BRILink 122,185 125,926 127,352 124,720 123,295
PT Bank Rakyat Indonesia (Persero) Tbk.
96 2023 Annual Report
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Company
Profile
Table of Year Office Network for the Last 5 Years
Office Type 2023 2022 2021 2020 2019
Head Office 1 1 1 1 1
Regional Office 18 18 18 19 19
Regional Audit Office 18 18 18 19 19
Branch Office + Special Sub-Branch Office (Domestic) 453 449 451 462 462
Sub-Branch Office (Domestic) * 556 579 588 608 608
BRI Units* 5,117 5,156 5,222 5,382 5,382
Cash Office* 505 506 525 547 568
BRI Terrace* 977 1,370 1,697 1,867 2,049
Mobile BRI Terrace 115 117 132 132 133
Ship BRI Terrace 4 4 4 4 4
Total 7,764 8,218 8,656 9,041 9,245
* In accordance with POJK No.12/POJK.03/2021 concerning Commercial Banks, it is adjusted that for the UKO type BRI Unit, Cash Office, Teras BRI is included in the UKO
Sub-Branch Office type status.
Note: Did not include the number of Foreign Office Unit Offices.
Manado
Makasar
OVERSEAS
New York
Hongkong
Cayman Island
Taiwan
Singapura
Timor Leste
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 97
Page 100
Table of Office Networks per Region in 2023
Outlet
Sub-Branch Office*
Region
Regional
Regional Branch Mobile BRI Ship BRI
Audit Sub-
Office Office Terrace Terrace
Office Branch BRI Units Cash Office BRI Terrace
Office
Bandar Lampung 1 1 14 16 188 12 56 - -
Bandung 1 1 30 34 565 44 45 25 -
Banjarmasin 1 1 31 31 287 19 72 6 -
Denpasar 1 1 32 26 295 20 117 4 1
Jakarta 1 1 1 24 52 93 61 35 - -
Jakarta 2 1 1 31 65 183 68 48 21 -
Jakarta 3 1 1 36 57 258 35 69 - 1
Jayapura 1 1 13 13 86 10 17 1 -
Makassar 1 1 37 27 348 20 10 - -
Malang 1 1 24 36 505 15 127 5 -
Manado 1 1 20 15 203 16 42 43 1
Medan 1 1 24 33 267 25 42 1 -
Padang 1 1 14 8 157 11 46 - -
Palembang 1 1 21 28 223 9 38 - -
Pekanbaru 1 1 22 20 170 18 35 1 1
Semarang 1 1 22 38 421 38 71 - -
Surabaya 1 1 25 24 281 30 41 8 -
PT Bank Rakyat Indonesia (Persero) Tbk.
98 2023 Annual Report
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Company
Profile
Outlet
Sub-Branch Office*
Region
Regional
Regional Branch Mobile BRI Ship BRI
Audit Sub-
Office Office Terrace Terrace
Office Branch BRI Units Cash Office BRI Terrace
Office
Yogyakarta 1 1 33 33 587 54 66 - -
Overseas - - 6 3 - - - - -
Total 18 18 459 559 5,117 505 977 115 4
* In accordance with POJK No.12/POJK.03/2021 concerning Commercial Banks, it is adjusted that the UKO type BRI Unit, Cash Office, Teras BRI is included in the UKO Sub-Branch
Office type status.
Table of Regional E-Channel Networks for 2023
E-CHANNEL
REGIONAL OFFICE
ATM EDC CRM E-BUZZ
Bandar Lampung 371 6,198 320 2
Bandung 663 14,569 909 4
Banjarmasin 857 8,175 516 3
Denpasar 618 11,405 533 3
Jakarta 1 799 25,919 324 3
Jakarta 2 1,374 21,318 506 6
Jakarta 3 1,372 18,894 487 4
Jayapura 300 2,525 227 1
Makassar 638 6,961 665 3
Malang 753 11,664 638 3
Manado 500 5,190 311 3
Medan 720 8,959 572 4
Padang 287 5,506 256 2
Palembang 549 7,828 362 3
Pekanbaru 405 6,053 414 3
Semarang 575 9,134 650 3
Surabaya 541 10,199 570 3
Yogyakarta 910 11,984 731 4
KCK 31 3.524 16 -
Chain - - - -
Kanins - 2 - -
Kanpus - 135 - -
Sendik - 1 - -
Program Pemerintah - - - -
Total 12,263 196,143 9,007 57
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 99
Page 102
Organizational
Structure
GENERAL MEETING
OF SHAREHOLDERS
Board of Management
President Director
Sunarso
Vice President Director
Catur Budi Harto
Small & Medium Digital &
Bisnis Wholesale Consumer Network &
Business Micro Business Information
& Kelembagaan Business Service
Amam Supari Technology
Agus Noorsanto Handayani Andrijanto
Sukriyanto Arga M. Nugraha
Ultra Micro
Treasury & Global Commersial Business
Services Business Business
Muhammad
Achmad Royadi - Candra Utama
Value Chain Card DIgital
Institutional & Digital Landing & Micro
Treasury Ultra Micro Funding & Retail IT Strategy
Business Agribusiness Assets Product Asset Product Business
Business Business Payment Strategy Governance
Mochamad Nurul Intan Development Development Development
Itang Rusdinar Dani Wildan Andreas Hassim Shinta Indriyaty
Choliq Natalia Veronica Dewi Andjarsari Ardhi Setyarko
Funding & Retail
Small & Payment Service Aplication
Investment Manufacturing & Consumer Sales Micro Sales BRILink
Energy & Mining Medium Sales Management 1 Management &
Services Property Management 1 Management Business
Teguh Tofani Management 1 Operation
Arie Sus Miyanti Adhi Pratama Ninis Indriswari Fita Arisanti Windriyo Aribowo Dhoni Ramadi
Dani Alfianto Saharto Putra Revan Hadi
Digital Banking
Infrastructure, International Small & Social Funding & Retail Development &
Consumer Sales
Transfortation, Business Medium Sales Enterpreneurship Payment Service Operation
Management 2
Oil & Gas Woro Dwi Management 2 & Incubation Management 2
R. Madya Januar Kaspar
Iman Nuraprianto Wuryandari Ganang Imam W. Evi Sulistyowati - Situmorang
Sindikasi &
Lembaga Wealth Distribution Enterprise Data
Keuangan Non Management Network Management
Bank Martua Hanry K Ivan Amirudin Maulana Yusuf
Trihartono Panggabean
Transaction Service & Contact IT Infrastucture &
Banking Center Operation
Novita Svetyana Berlian Ferra Yusron Avivi
Hasanudin Herawati
Information
Security
Muharto
Overseas Channel Regional Office
Branch
Board of Commissioners Committee:
1. Audit Committee: Hendrikus Ivo (Chairman), Rofikoh Rokhim, Heri Sunaryadi, Agus Riswanto,
Sahat Pardede, Irwanto and Duma Riana Hutapea.
Sub Branch Cash Outlet BRI Unit 2. Nomination and Remuneration Committee: Heri Sunaryadi (Chairman), Rofikoh Rokhim, Kartika
Wirjoatmodjo, Hadiyanto, Rabin Indrajad Hattari, Awan Nurmawan Nuh, Hendrikus Ivo, Dwi Ria
Latifa, Nurmaria Sarosa, Agus Riswanto, Paripurna P. Sugarda and E.R.A. Taufiq.
Terrace BRI 3. Risk Management Monitoring Committee: Rofikoh Rokhim (Chairman), Rabin Indrajad Hattari,
Dwi Ria Latifa, Heri Sunaryadi, Nurmaria Sarosa, Awan Nurmawan Nuh, A. Sigid Sudahno and
Sandra Chalik.
PT Bank Rakyat Indonesia (Persero) Tbk.
100 2023 Annual Report
Page 103
Company
Profile
BRI’s organizational structure was ratified based on NOKEP Decree: S.1630-DIR/PPM/08/2023 dated August 01, 2023 concerning the
Organization of PT Bank Rakyat Indonesia (Persero) Tbk. The following is BRI’s organizational structure as of December 31, 2023.
Board of Commissioners
Risk Finance Compliance
Human Capital
Management Viviana Ahmad Solichin
Agus Winardono
Agus Sudiarto Dyah Ayu R.K Lutfiyanto
Change Fixed Assets
Human Capital Management & Management &
Operations Transformation Internal Audit
Strategy Procurement
I Nyoman Sugiri Office Triswahju
Steven Augustino Harsya Wardhana Aestika Oryza
Yasa Herlina
Yudiyantho Prasetyo Gunarto
Planning, Fixed Assets Audit Standard
Payment Risiko Human Capital Human Capital Budgeting & Management Corporate & Quality
Performance Change & Procurement
Operation Perusahaan, Business Partner Strategy Policy Compliance Secretary Development
Management Management Policy
Andini Nauli Pasar & Portfolio M. Dadang Carang Thombara Kris Hananto Agustya Hendy
A. Eddy Tri - Sukengsi Hari Bangkit
Nasution Ety Yuniarti Permana KF Putra Wibowo Slamet Bernadi Ngabdianto
Financial & Project
Kebijakan Risiko Management Management Procurement &
Credit Corporate Human Capital Head Office
Kredit & Produk Acounting Office Legal Logistic
Operational University Development Audit
Nugroho Ari Koes Hariyono Operation
Asep Nurdin - Issuhersatyo Yulianto Indah Donny Permana
Bawono Setiawan Bayuwijayanti Syafri Rakhmat
Marketing
Culture Policy & Communication Special
Operational Risiko Digital Investor Transformation Procedure Investigation
Excelence Nugroho Relations Roma Jaka
Abd. Wahid Kusnandar Audit
- Pancayogo - Permata
Wijaya Nurgraha Simanjuntak -
Risiko Subsidiary Environmental,
Operasional Management Social &
Sahat Governance
Dodo Marjanto
Pangabahan Yosephine Ajeng
Pangaribuan Sekar Putih
Wholesale Credit
Risk Analys
Harry Gusti Assets &
Utama
Liabilities
Management
- Directors Business
Restruturisasi &
Penyelesaian SEVP Business Support
Kredit
- Division Support
Desk Supervision
Executive Risk Functional Coordination
Officer
-
Subsidiary Regional Audit Office
4. Integrated Governance Committee: Rofikoh Rokhim (Chairman), Kartika Directors Committee : Risk Management and ESG, Credit Policy, Credit ALCO,
Wirjoatmodjo, Hendrikus Ivo, Dwi Ria Latifa, Heri Sunaryadi, Paripurna P. Sugarda, Human Capital, IT, Capitaln & Investment, Product,
Tedi Nurhikmat, Bardiyono Wiyatmojo, Bintoro Nurcahyo, Eko B. Supriyanto, Procurement, PMO
Ayahanita K., Abdul Ghoni, Eko Wahyudi, Mohammad Hidayat, Sumihar
Manullang, Sumantri Suwarno, Agoosh Yoosran, Yudi Priambodo Purnomo Sidi,
Muhammad Cholil Nafis, Nurhaida, and Kahlil Rowter.
Committee Members under the Board of Directors can be seen in the Corporate
Governance Chapter.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 101
Page 104
List of
Association Membership
BRI actively joined a number of organizations and associations related to its core business to follow developments in the business
environment, expand its network, and strengthen BRI’s contribution, synergy and existence in creating a sustainable business climate.
Membership in a number of organizations was a strategic step for BRI in carrying out banking business activities by paying attention to
Environmental, Social and Governance (ESG) aspects. However, BRI did not provide financial contributions outside of regular membership
fees. Until the end of 2023, BRI has been listed as a member of the following associations:
Table of Association Membership
No. Association Name Purpose Participation Position Scale
Himpunan Bank Milik Negara Developing the Indonesian capital market as an industry
1. Chairman National
(HIMBARA) capable of supporting the national economy.
As a forum for sharing knowledge and information as well
Forum Human Capital
2. as collaboration related to HC with all SOE Human Capital Head of Division National
Indonesia (FHCI)
functions within the SOE environment.
Developing the profession of bank internal auditors in order
to increase the effectiveness of the implementation of risk
Ikatan Auditor Intern Bank
3. management, internal control and good governance of each Supervisory Board National
(IAIB)
bank, which will ultimately create a soundnes and strong
financial industry in Indonesia.
Increase liquidity and transparency of the Government
Himpunan Pedagang Surat
4. Securities market and become a pioneer in the development Supervisory Board National
Utang Negara (HIMDASUN)
of the bond market.
Perhimpunan Bank Nasional Deputy of General
5. Formulate policies related to banking National
(Perbanas) Secretaty
Synergize with supporting institutions and other capital
market support service professions to support government
Asosiasi Bank Kustodian
6. programs in capital market development. Treasurer National
Indonesia (ABKI)
Increasing good cooperation between members in increasing
knowledge and expertise in providing Custodian services.
Updating the latest provisions of the Pension Fund Industry
Asosiasi Dana Pensiun
7. to fulfill statutory obligations and as a means of conveying Treasurer National
Lembaga Keuangan
regulatory input to the Regulator.
Realizing sustainable and Industry-Led development of the
Asosiasi Pasar Uang dan Indonesian Money Market and Foreign Exchange Market in
8. Valuta Asing Indonesia product, pricing, participant and infrastructure aspects in Treasurer National
(APUVINDO) accordance with the direction of development of the Money
Market and Foreign Exchange Market set by Bank Indonesia.
Asosiasi Sistem Pembayaran Optimizing functions and professionalism in implementing
9. Treasurer National
Indonesia (ASPI) good corporate governance.
Making ACI Indonesia a professional institution that provides
Association Cambiste benefits to the Indonesian and global financial industry,
10. Internationale Financial institutions, individual members and society in general Honorary Member National
Market Association (ACI-FMA) through education, outreach and the establishment of
professional and responsible Financial Market Practices.
As a forum to discuss issues and practices related to the
Indonesia Foreign Exchange
11. deepening and development of Indonesian financial markets, Ad Hoc Repo National
Market Committee (IFEMC)
including the impact of international financial markets.
Know the latest Accounting Standards for preparing BRI
12. Ikatan Akuntan Indonesia (IAI) Member National
Financial Reports.
Improving the function, role, quality, insight and
Forum Komunikasi Satuan
13. communication of internal supervision within SOE, Regional- Member
Pengawas Intern
Owned Enterprises and Government Agencies
PT Bank Rakyat Indonesia (Persero) Tbk.
102 2023 Annual Report
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Company
Profile
No. Association Name Purpose Participation Position Scale
Partnership for Carbon
14. Disclose financed emissions Member International
Accounting Financials (PCAF)
United Nations Global Committed to sustainability and supporting the achievement
15. Member International
Compact (UNGC) of Sustainable Development Goals (SDGs)
Society for Worldwide
16. Interbank Financial Using SWIFT facilities for cross-border transactions Member International
Telecomunication (SWIFT)
Working Group Anti-Money Laundering (AML) Program,
Forum Komunikasi Direktur
Counter-Terrorism Financing (CFT), and Prevention of
17. Kepatuhan Perbankan Member National
Financing of Proliferation of Weapons Of Mass Destruction
(FKDKP)
(PFWMD).
Integration forum for cooperation between PPATK,
Public Privat Partnership – APGAKUM and Banking in the context of preventing
18. Member National
INTRACNET PPATK Narcotics Crime and Fraud Crime with business email
compromise (BEC) schemes.
Compensation & Benefit Club As a forum for sharing knowledge and information regarding
19. Member National
(Comben Club) remuneration with fellow banks in Indonesia.
Industrial Relation (IR) As a forum for sharing knowledge and information regarding
20. Member
Himbara IR policies at HIMBARA bank. National
Inisiatif Keuangan
As a communication forum between financial institutions in
21. Berkelanjutan Indonesia Member National
Indonesia related to Sustainable Finance.
(IKBI)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 103
Page 106
Board of
Directors’ Profile
EDUCATIONAL BACKGROUND
• Bachelor of Agronomy, Bogor Agricultural Institute (1988).
• Master of Business Administration, University of Indonesia (2002).
• Professional Education:
1. Creative Strategic Thinking for Innovation – Australian Graduates
School of Management, University of New South Wales, Sydney Australia
(2008).
2. Market Driving Strategies – London Business School, UK (2009).
3. Strategic Business Leadership: Engagement, Performance & Execution –
University of Chicago – Graduate School of Business, USA (2011).
4. High Performance Leadership – The IMD – Lausanne, Switzerland (2012).
5. Leadership, Strategy and Implementation – Kellog School of
Management, Northwestern University – Evaston, Illinois – USA (2013).
6. Decision Making for Leaders – Melbourne University, Australia (2014).
Sunarso 7. Systemic, Operational, and Infrastucture Risk Management, Universitas
Commerciale Luigi Bocconi, Italy and Erasmus University (2016).
President Director 8. Geopolitic Risk Related to Asia, International Risk Management
Refreshment Program, National Chengchi University, Taipei Taiwan and
IBI and UGM (2018).
Indonesian citizens, 9. Managing Cyber Risk Post Pandemic, Risk Management Refreshment
born in Pasuruan, in 1963. Program, BARa (2020).
10. International Risk Management Refreshment Program, BARa-MM UGM-
Age 60 as of December 2023. IBI (2022).
Domicile in Jakarta.
ACHIEVEMENT
• The Most Influential People in Southeast Asia - Leading Corporate & Commercial
Bankers from Alpha Southeast Asia Magazine (2012).
• The Best SME Banker of The Year 2013 in Asia Pacific The Triple A Awards from
The Asset Magazine (Hongkong) (2013).
• The Best CEO diberikan oleh Data GovAi Award.
• Most Admired CEO Award 2018 pada kategori Leadership for Digital
Transformation of Pawning Business yang diberikan oleh Warta Ekonomi (2018).
• CEO terbaik dan pemimpinperubahan (transformative leader) dalam kategori
Tata Kelola Perusahaan dan Pelayanan yang diberikan oleh 7 Sky Media Award
2018.
• The Best CEO Anugerah BUMN Award 2018 kategori Talent Development (2018).
• Indonesia Humane Entrepreneurship Award 2019.
• The Best CEO Talent Development, Anugerah BUMN Award 2020.
• The Best CEO Visioner Perusahaan Tbk, Anugerah BUMN Award 2020.
• The Best CEO & GRC Leader 2020, GRC & Performance Exellence Award 2020.
• CEO InovatifTerbaik, IDX Channel AnugerahInovasi Indonesia 2020.
• The Best CEO, Bisnis Indonesia TOP BUMN Award 2020.
• Best CEO of The Year kategori Sustainable Development Goals Contribution,
MetroTV People of The Year 2020.
• The Best CEO in Banking Transformation, CNBC Indonesia Award 2020.
• Top National Banker 2020 (TokohFinansial Indonesia 2020) – Majalah Investor.
• The Best CEO - I News Maker Award 2021 (MNC Televisi Network).
• The Best CEO, Kategori Strategic Orientation Perusahaan (Tbk), 10th Anugerah
BUMN 2021.
• The Best CEO perusahaanTbk - 10th Anugerah BUMN 2021.
• Top CEO Award 2021 - Tras n Co.
• The Best CEO - GRC & Performance Excellence Award (2021).
• The Best CEO - Infobank Award 2021.
• The Best CEO CSR of The Year - Nusantara CSR Award 2021 (La Tofi School of
CSR).
• The Best CEO In Value Creation - Infobank Top BUMN 2021.
• Tokoh Keuangan 2021 - Economic Review: Indonesia Finance Award-IV 2021.
• The Most Popular Leader In Social Media 2021 (KategoriPemimpin BUMN Tbk) -
PR Indonesia.
PT Bank Rakyat Indonesia (Persero) Tbk.
104 2023 Annual Report
Page 107
Company
Profile
• Infobank Bankers of The Year 2021 - Infobank Top 100 • The Asian Banker CEO Leadership Achievement for Indonesia
CEO 2021. Award - Asian Banker Best CEO and Managed Bank Awards 2022.
• Top National Banker 2021 - TokohFinansial Indonesia • The Best Industry Marketing Champion 2022 - Marketeer of
& BUMN Terbaik 2021 - Majalah Investor, Berita Satu the Year Award 2022, MarkPlus, Inc. & Indonesia Marketing
Media Holding. Association (December 8, 2022).
• Indonesia Most Admired CEO 2021 with Outstanding • Best of the Best “Marketeer of The Year 2022” - Marketeer
Leadership in Developing Digital Business of the Year Award 2022, MarkPlus, Inc. & Indonesia Marketing
Transformation Through Financial Technology - Association (December 8. 2022).
Warta Ekonomi. • Top State Owned Banker 2022 - TokohFinansial Indonesia Award
• The Best CEO - CNBC Indonesia Award 2021. 2022, Majalah Investor - Berita Satu (December 9, 2022).
• The Best CEO - 11th Anugerah BUMN 2022 (BUMN • Leadership Excellence Award - CNBC Indonesia Awards 2022,
Track). CNBC Indonesia (December 12, 2022).
• The Best CEO for Corporate Digital Transformation - • The Best CEO with Distinction (Company With More Than 1,000
Digitech Award 2022. Employees category) - Indonesia Best CEO 2022, SWA Media
• Business Person of The Year 2021 - Fortune Indonesia Group & Dunamis Organization Service (March 1, 2023)
2022. • The Most Admired CEO of State Owned Bank - Indonesia Property
• The Best ‘SME Banker of The Year’ 2022 - The Asset & Bank Award 2023, Property & Bank Magazine (March 20, 2023)
Triple A (The Asset Asian Award) Treasury Trade, • The Most Reputable Banking CEO in Digital Platform 2023 - 12th
Sustainable Supply Chain & Risk Management Infobank - Isentia Digital Brand 2023, Infobank Magazine (April
(Singapore, 6th July 2022) from The Asset Magazine 12, 2023)
(Hongkong). • Most Popular Leader in Online Media 2023 - The 1st Indonesia
• Pemenang ‘Indonesia DEI & ESG Awards 2022’ GPR Awards (IGA) 2023, PR Indonesia (June 16, 2023)
(KategoriTerpopuler di Media Online 2021) - Humas • The Best CEO Across All Industries - The 8th Annual SPEx2® DX
Indonesia, PR Indonesia Group (August 5, 2022). Award 2023, One GML x Kontan (June 28, 2023)
• TokohPembiayaan dan Pemberdayaan UMKM - • The Best CEO - Asia’s Best Companies, FinanceAsia Award 2023
Rakyat Merdeka Award 2022 “Untuk Indonesia Pulih (Hong Kong, June 28, 2023)
dan Bangkit” (September 28, 2022). • Best Performance Chief Executive Officer in Encouraging
• Pemimpin/CEO Terpopuler di Media Sosial 2022 Corporate Culture Transformation to Maintain Business Growth
untukkategori BUMN Tbk - Anugerah Humas - CEO Achievement Awards 2023, CEO Business Forum Indonesia
Indonesia (AHI) 2022, PR Indonesia (October 28, & Warta Ekonomi (October 14, 2023)
2022). • The Most Committed Chief Executive Officer of State-Owned
• Pemimpin/CEO Terpopuler di Media Sosial 2022 Enterprises in Driving Technological Change - TOP BUMN
untukkategori BUMN Tbk - Jambore PR Indonesia Awards, Bisnis Indonesia (November 30, 2023)
(JAMPIRO) 2022 (November 10, 2022). • CEO of the Year - Infobank Top 100 CEO & THE NEXT LEADERS
• CEO of The Year 2022 - Top 100 CEO MajalahInfobank FORUM 2023, Infobank Magazine (December 5, 2023)
(November 23, 2022). • Maestro CEO of The Year - CNBC Indonesia Award 2023, CNBC
Indonesia (December 13, 2023).
CERTIFICATION
Level 7 Risk Management Certification
WORK EXPERIENCE
• Director of Commercial & Business Banking of Bank • President Director of PT Pegadaian (Persero) (2017 – 2019).
Mandiri (2010 – 2015). • Deputy President Director of BRI (2019).
• Deputy President Director of BRI (2015 – 2017). • President Director of BRI (2019 – present).
LEGAL BASIS OF APPOINTMENT
Appointed as President Director of BRI for the first time Proper Test in accordance with OJK Letter No. 56/ KDK.03/2019
based on the Extraordinary GMS on September 2, 2019. dated December 20, 2019. Then he was reappointed as President
Effective after obtaining OJK approval for the Fit and Director based on the Annual GMS on March 13, 2023.
TERM OF OFFICE
• 2019 – 2024 (First Period).
• 2023 - 2028 (Second Period)
DOUBLE FUNCTION
• Chairman of Asset and Liability Committee (ALCO) BRI • Chairman of Credit Policy Committee BRI (2019-present).
(2019-present). • Chairman of Human Capital Committee for Planning & Policy at
• Chairman of Risk Management Committee BRI BRI (2019-present).
(2019-present). • Chairman of Human Capital Talent Committee BRI (2019-present).
• Chairman of Environmental, Social & Governance (ESG) • Chairman of Human Capital Committee for BRI Performance
Committee of BRI (2019-present). Management (2019-present).
• Permanent Member of Credit Committee BRI • Chairman of Human Capital Committee for Ethics & Discipline 1
(2019-present). BRI (2019-present).
• Chairman of Project Management Office Steering Committee BRI
Does not have a position in another public company. (2019-present).
SHAREHOLDING
3,234,856 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 105
Page 108
EDUCATIONAL BACKGROUND
• Bachelor of Agronomy, Bogor Agricultural University (1986).
• Master of Management, Prasetya Mulya University (2002).
CERTIFICATION
• Sertifikasi Manajemen Risiko Level 5.
• Cerfitified Wealth Manager dari The Certified Wealth Managers Association.
WORK EXPERIENCE
• Senior Executive Vice President (SEVP) BRI (2015-2016).
• Direktur BTN (Persero) Tbk (2016 – 2017).
• Direktur Bisnis Kecil & Jaringan BNI (2017 – 2019).
Catur Budi Harto • Wakil Direktur Utama BRI (2019 – sekarang).
Vice President Director LEGAL BASIS OF APPOINTMENT
Appointed as Deputy President Director of BRI for the first time based on the
Extraordinary GMS on September 2, 2019. Effective after obtaining OJK approval
Indonesian citizens,
for the Fit and Proper Test in accordance with OJK Letter No. 57/ KDK.03/2019
born in Demak, in 1963. dated December 20, 2019.
Age 60 as of December 2023.
Domicile in Jakarta. TERM OF OFFICE
2019 – 2024 (First Period).
DOUBLE FUNCTION
• Alternate Chairman I concurrently a permanent member of Asset and
Liability Committee (ALCO) BRI (2019-present).
• Alternate Chairman of Risk Management Committee BRI (2019-present).
• Alternate Chairman of Environmental, Social & Governance (ESG)
Committee BRI (2019-present).
• Permanent Member of Credit Committee BRI (2019-present).
• Alternate Chairman of Credit Policy Committee BRI (2019-present).
• Alternate Chairman concurrently permanent member of the Human Capital
Committee for Planning & Policy BRI (2019-present).
• Alternate Chairman concurrently permanent member of Human Capital
Talent Committee BRI (2019-present).
• Alternate Chairman concurrently permanent member of the Human
Capital Committee for Performance Management BRI (2019-present).
• Alternate Chairman concurrently permanent member of the Human Capital
Committee for Ethics & Discipline 1 BRI (2019-present).
• Chairman of Product Committee BRI (2019-present).
• Chairman of Goods and Services Procurement Committee BRI
(2019-present).
Does not have a position in another public company.
SHAREHOLDING
1,839,057 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
106 2023 Annual Report
Page 109
Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Agricultural Technology, Brawijaya University (1989).
• Master in Agirbusiness Management, Gadjah Mada University (2005).
CERTIFICATION
Risk Management Certification Level 5
WORK EXPERIENCE
• SEVP of BRI Consumer SMEs (2016 – 2017).
• SEVP of BRI Network Management (2017).
• SEVP Transformation BRI (2017 – 2018).
• Director of Retail and Medium Business BRI (2018 – 2019).
Supari • Director of BRI Micro Business (2019 – present).
Director of Micro Business LEGAL BASIS OF APPOINTMENT
Appointed as Director of Retail and Medium Business BRI for the first time based
on the Annual GMS on 22 March 2018. Effective after obtaining OJK approval or
Indonesian citizens,
Fit and Proper Test according to OJK Letter No: KEP-34/ KDK.03/2018 dated 04
born in Ngawi, in 1966. December 2018. Then transferred his assignment as Director of Micro Business
Age 57 as of December 2023. at the Extraordinary GMS on September 2, 2019. Then he was reappointed as
Domicile in Jakarta. Director of Micro Business based on the Annual GMS on March 13 2023.
TERM OF OFFICE
• 2018 – 2023 (First Period).
• 2024 – Present (Second Period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2023-present).
• Permanent Member of Credit Committee BRI (2023-present).
• Permanent member of Human Capital Talent Committee BRI
(2023-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2023-present).
Does not have a position in another public company.
SHAREHOLDING
2,890,914 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 107
Page 110
EDUCATIONAL BACKGROUND
• Bachelor of Agricultural Industrial Technology, Brawijaya University (1991).
• Master of Business Administration, the University of Adelaide, Australia
(2006).
CERTIFICATION
Risk Management Certification Level 5
WORK EXPERIENCE
• EVP Bisnis Internasional BRI (2018 – 2020).
• EVP Corporate Secretary Division BRI (2020).
• SEVP Fixed Assets Management & Procurement Directorate BRI (2020 –
Amam Sukriyanto 2021).
• Director of BRI Small & Medium Business (2021 – present).
Director of Small &
Medium Business
LEGAL BASIS OF APPOINTMENT
Appointed as Director of BRI Small & Medium Business for the first time based
Indonesian citizens,
on the results of the Extraordinary GMS on January 21, 2021. Effective after
born in Situbondo, in 1968. obtaining OJK approval or Fit and Proper Test in accordance with OJK Letter No:
Age 55 as of December 2023. 34/KDK.03.2021 dated April 14, 2021.
Domicile in Jakarta.
TERM OF OFFICE
2021 – 2026 (First Period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2021-present).
• Permanent Member of Credit Committee BRI (2021-present).
• Permanent member of Human Capital Talent Committee BRI
(2021-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2021-present).
Does not have a position in another public company.
SHAREHOLDING
1,526,754 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
108 2023 Annual Report
Page 111
Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Dentistry, Airlangga University (1988).
• Master of Management, Padjadjaran University (2001).
CERTIFICATION
Risk Management Certification Level 5
WORK EXPERIENCE
• Director of Marketing & Alternate Distribution of PT AXA Mandiri (2013 –
2014).
• Commercial Director of PT Garuda Indonesia Tbk (2014 – 2016).
• Director of Consumer Banking BTN (2016 – 2017).
Handayani • Director of Consumer BRI (2017 – present).
Director of Consumer Business LEGAL BASIS OF APPOINTMENT
Appointed as Consumer Director of BRI for the first time based on the results
of the Extraordinary GMS on October 18, 2017. Effective after obtaining OJK
Indonesian citizens,
approval or Fit and Proper Test in accordance with OJK Letter No. KEP-44/
born in Surabaya, in 1965. D.03/2018 dated March 14, 2018. Reappointed as Director of Consumer Business
Age 58 as of December 2023. based on the results of the Annual GMS on March 1, 2022.
Domicile in Jakarta.
TERM OF OFFICE
• 2017 – 2022 (First Period).
• 2022 – 2027 (Second Period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2021-present).
• Permanent Member of Credit Committee BRI (2021-present).
• Permanent member of Human Capital Talent Committee BRI
(2021-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2021-present).
Does not have a position in another public company.
SHAREHOLDING
3,425,200 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 109
Page 112
EDUCATIONAL BACKGROUND
• Bachelor of Animal Science, Bogor Agricultural University (2001).
• Master of Business Administration, University of Rochester, USA (2010).
CERTIFICATION
• Level 5 Risk Management Certification
• Certified Financial Planner (FPSB).
WORK EXPERIENCE
• AVP Planning, Corporate Development & Strategy BRI (2016 – 2017).
• AVP Equity Management, Corporate Development & Strategy BRI (2017 –
2018).
Viviana Dyah Ayu R.K. • VP Subsidiary Management Desk BRI (2018 – 2019).
• EVP Subsidiary Management Division BRI (2019).
Director of Finance
• BRI Finance Director (2021 – present).
LEGAL BASIS OF APPOINTMENT
Indonesian citizens,
Appointed as Director of Finance of BRI for the first time based on the results
born in Surakarta, in 1978. of the Extraordinary GMS on January 21, 2021. Effective after obtaining
Age 45 as of December 2023. OJK approval or Fit and Proper Test in accordance with OJK Letter No. 36/
Domicile in Jakarta. KDK.03.2021 dated April 14, 2021.
TERM OF OFFICE
2021 – 2026 (First Period).
DOUBLE FUNCTION
• Alternate Chairman II concurrently Permanent Member of Asset and
Liability Committee (ALCO) BRI (2021-present).
• Permanent Member of Risk Management Committee BRI (2021-present).
• Permanent Member of Environmental, Social & Governance (ESG)
Committee BRI (2021-present).
• Permanent Member of Credit Committee BRI (2021-present).
• Chairman of Capital & Investment Committee BRI (2021-present).
• Permanent Member of Data Governance Committee BRI (2021-present).
• Permanent member of Human Capital Talent Committee BRI
(2021-present).
• Permanent member of the Human Capital Committee for performance
Management BRI (2021-present).
• Chairman of Human Capital Committee for Job Evaluation BRI
(2021-present).
• Alternate Chairman concurrently Permanent Member of Product
Committee BRI (2021-present).
• Permanent Member of Goods and Services Procurement Committee BRI
(2021-present).
• Permanent Member of Project Management Office Steering Committee BRI
(2021-present).
Does not have a position in another public company.
SHAREHOLDING
1,512,800 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
110 2023 Annual Report
Page 113
Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Corporate Economics, University of Krisna Dwipayana (1988).
• Master in Financial Management, PPM College of Management (2001).
CERTIFICATION
• ManLevel 5 Risk Management Certificationajemen Risiko Level 5.
• Cerfitified Wealth Manager dari The Certified Wealth Managers’ Association.
• Qualified Internal Auditor.
WORK EXPERIENCE
• EVP of PT Bringin Karya Sejahtera (2016 – 2018).
• Head of Regional Internal Audit BRI (Padang, Lampung, Jakarta 2) (2018 –
2020).
Agus Winardono
• CEO of PT Prima Karya Sarana Sejahtera (2020).
Director of Human Capital • Director of Human Capital BRI (2021 – present).
LEGAL BASIS OF APPOINTMENT
Indonesian citizens, Appointed as Director of Human Capital BRI for the first time based on the
born in Jakarta, in 1965. results of the Extraordinary GMS on January 21, 2021. Effective after obtaining
Age 58 as of December 2023. OJK approval or Fit and Proper Test in accordance with OJK Letter No. 33/
KDK.03.2021 dated April 14, 2021.
Domicile in Jakarta.
TERM OF OFFICE
2021 – 2026 (First period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2021-present).
• Permanent Member of Risk Management Committee BRI (2021-present).
• Permanent Member of Credit Committee BRI (2021-present).
• Permanent Member of the Human Capital Committee for Planning & Policy
at BRI (2021-present).
• Permanent member of Human Capital Talent Committee BRI
(2021-present).
• Permanent member of the Human Capital Committee for Performance
Management at BRI (2021-present).
• Permanent member of the Human Capital Committee for Ethics &
Discipline at BRI (2021-present).
• Chairman of the Human Capital Committee for Ethics & Discipline 2 BRI
(2021-present).
• Alternate Chairman of the Human Capital Committee for Job Evaluation at
BRI (2021-present).
Does not have a position in another public company.
SHAREHOLDING
1,503,481 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 111
Page 114
EDUCATIONAL BACKGROUND
• Bachelor Degree (Accounting), Airlangga University (1998).
• Master (Finance), Indiana University, USA (2012).
CERTIFICATION
Education & Competency Test: Risk Management Level 5 (BNSP, Jakarta)
WORK EXPERIENCE
• EVP Corporate Development & Strategy Division, PT Bank Rakyat Indonesia
(Persero) Tbk (2019-2021).
• EVP Planning, Budgeting & Performance Management Division, PT Bank
Rakyat Indonesia (Persero) Tbk (2021-2022).
Andrijanto • BRI Network and Service Director (2022 – present).
Director of Network & Service LEGAL BASIS OF APPOINTMENT
Appointed as BRI Network and Service Director for the first time based on the
Annual General Meeting of Shareholders of PT Bank Rakyat Indonesia (Persero)
Indonesian citizens, Tbk on March 1, 2022. Effective after obtaining OJK approval or Fit and Proper
born in Surabaya, in 1974. Test according to OJK Letter No. 15/KDK.03/2022 dated June 22, 2022.
Age 49 as of December 2023.
Domicile in Jakarta. TERM OF OFFICE
2022 – 2027 (First Period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee BRI (ALCO)
(2022-present).
• Permanent Member of Credit Committee BRI (2022-present).
• Alternate Chairman and Permanent Member of Information Technology
Steering Committee BRI (2022-present).
• Alternate Chairman and Permanent Member of Data Governance
Committee BRI (2022-present).
• Permanent member of Human Capital Talent Committee BRI
(2022-present).
• Permanent member of Human Capital Committee for Performance
Management BRI (2022-present).
• Permanent Member of Product Committee BRI (2022-present).
• Permanent Member of Project Management Office Steering Committee BRI
(2022-present).
Does not have a position in another public company.
SHAREHOLDING
1,123,000 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
112 2023 Annual Report
Page 115
Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Law, University of Indonesia (1988).
• Master of Management, University of Indonesia (2004).
CERTIFICATION
Risk Management Certification Level 5
WORK EXPERIENCE
• Group Head Special Asset Management Bank Mandiri (2010 – 2014).
• President Director of Bank Syariah Mandiri (2014 – 2017).
• SEVP Special Asset Management Bank Mandiri (2017 – 2019).
• BRI Risk Management Director (2019 – present).
Agus Sudiarto
LEGAL BASIS OF APPOINTMENT
Director of Risk Management
Appointed as BRI Risk Management Director for the first time based on the
results of the Extraordinary GMS on September 2, 2019. Effective after obtaining
OJK approval or Fit and Proper Test in accordance with OJK Letter No. 59/
Indonesian citizens, KDK.03/2019 dated December 20, 2019.
born in Jakarta, in 1965.
Age 58 as of December 2023. TERM OF OFFICE
Domicile in Jakarta.
2019 – 2024 (First Period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2019-present).
• Permanent Member of Risk Management Committee BRI (2019-present).
• Permanent Member of Environmental, Social & Governance (ESG)
Committee BRI (2019-present).
• Permanent Member of Credit Committee BRI (2019-present).
• Alternate Chairman and Permanent Member of Capital & Investment
Committee BRI (2019-present).
• Permanent Member of Credit Policy Committee BRI (2019-present).
• Permanent Member of Information Technology Steering Committee BRI
(2019-present).
• Permanent member of Human Capital Talent Committee BRI
(2019-present).
• Permanent member of the Human Capital Committee for performance
Management BRI (2019-present).
• Permanent Member of the Human Capital Committee for Job Evaluation at
BRI (2019-present).
• Permanent Member of Product Committee BRI (2019-present).
• Permanent Member of Goods and Services Procurement Committee BRI
(2019-present).
• Permanent Member of Project Management Office Steering Committee BRI
(2019-present).
Does not have a position in another public company.
SHAREHOLDING
1,717,400 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 113
Page 116
EDUCATIONAL BACKGROUND
• Bachelor of Accounting, Padjadjaran University (1988).
• Master of Management, Bogor Agricultural University (1999).
CERTIFICATION
Risk Management Certification Level 7.
WORK EXPERIENCE
• SEVP Bussiness Small, Medium & Consumer BRI (2016).
• Senior Executive Vice President of BRI Networks and Services (2016 – 2017).
• President Director of BRI Agro (2017 – 2019).
• Director of Wholesale & Institutional Business of BRI (2019 – present).
Agus Noorsanto
LEGAL BASIS OF APPOINTMENT
Director of Wholesale &
Institutional Business Appointed as BRI’s Wholesale & Institutional Business Director for the first time
based on the results of the Extraordinary GMS on September 2, 2019. Effective
after obtaining OJK approval or Fit and Proper Test in accordance with OJK
Indonesian citizens,
Letter No. 59/KDK.03/2019 dated December 20, 2019.
born in Pandeglang, in 1964.
Age 59 as of December 2023. TERM OF OFFICE
Domicile in Jakarta.
2019 – 2024 (First Period).
DOUBLE FUNCTION
• Permanent Member of Credit Committee BRI (2019-present).
• Permanent member of Human Capital Talent Committee BRI
(2019-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2019-present).
Does not have a position in another public company.
SHAREHOLDING
2,071,941 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
114 2023 Annual Report
Page 117
Company
Profile
EDUCATIONAL BACKGROUND
• Sarjana Teknik Informatika, Universitas Bina Nusantara (2003).
• Master of Science, Carnegie Mellon University, USA (2011).
CERTIFICATION
• Level 5 Risk Management Certification
• Certified Trade Specialist For Basic Trade Finance
• CISA Review Course & Certification
WORK EXPERIENCE
• AVP Cash Management, Transaction Banking Division BRI (2016 – 2018).
• VP E-Banking, Retail Payment Division BRI (2018 – 2020).
Arga M. Nugraha • EVP Brilink Network Division BRI (2020 – 2021).
• Director of BRI Networks & Services (2021 – 2022).
Director of Digital & • Director of Digital & Information Technology (2022 – present).
Information Technology
LEGAL BASIS OF APPOINTMENT
Indonesian citizens,
Appointed as Director of Network & Services of BRI for the first time based
born in Jakarta, in 1981. on the results of the Extraordinary GMS on January 21, 2021. Effective after
Age 43 as of December 2023. obtaining OJK approval or Fit and Proper Test in accordance with OJK Letter
Domicile in Jakarta. No. 35/KDK.03.2021 dated April 14, 2021. At the Annual General Meeting of
Shareholders on March 1, 2022, he was assigned the role of Director of Digital &
Information Technology.
TERM OF OFFICE
2021 – 2026 (First period).
DOUBLE FUNCTION
• Permanent Member of Asset and Liability Committee (ALCO) BRI
(2021-present).
• Permanent Member of Credit Committee BRI (2021-present).
• Chairman of Information Technology Steering Committee BRI
(2021-present).
• Chairman of Data Governance Committee BRI (2021-present).
• Permanent member of Human Capital Talent Committee BRI
(2021-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2021-present).
• Permanent Member of Product Committee BRI (2021-present).
• Permanent Member of Project Management Office Steering Committee BRI
(2021-present).
Does not have a position in another public company.
SHAREHOLDING
1.313.785 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 115
Page 118
EDUCATIONAL BACKGROUND
• Bachelor of Agricultural Technology, University of Jember (1990).
• Master of Management, Marketing/MIS, UGM/Adger Collage University
Norway (1999).
CERTIFICATION
Risk Management Certification Level 5.
WORK EXPERIENCE
• VP BRI’s Retail Business Network Division (2012 – 2016).
• EVP BRI Transaction Banking Division (2016 –2017).
• EVP BRI’s Human Capital Policy & Development Division (2017 – 2018).
Ahmad Solichin Lutfiyanto • BRI Compliance Director (2018 – 2019).
• Director of BRI Network & Services (2019 – 2021).
Director of Compliance • BRI Compliance Director (2021 – present).
LEGAL BASIS OF APPOINTMENT
Indonesian citizens, Appointed for the first time as Director of BRI since March 22, 2018 based on
born in Malang, in 1970. the results of the Annual GMS. Appointed as Compliance Director of BRI based
Age 53 as of December 2023. on the results of the Extraordinary GMS on January 21, 2021. Effective after
Domicile in Jakarta. obtaining OJK approval or Fit and Proper Test in accordance with OJK Letter No.
SR- 94/PB.12/2021 dated April 1, 2021. Then he was reappointed as Compliance
Director based on the Annual GMS on March 13, 2023.
TERM OF OFFICE
• 2018 – 2023 (First Period).
• 2023 – 2028 (Second Period).
DOUBLE FUNCTION
• Permanent Member without Voting Rights of Asset and Liability Committee
(ALCO) BRI (2018-present).
• Permanent Member of Risk Management Committee BRI (2018-present).
• Permanent Member of Environmental, Social & Governance (ESG)
Committee BRI (2018-present).
• Member of Credit Policy Committee BRI (2018-present).
• Permanent Member of Information Technology Steering Committee BRI
(2018-present).
• Permanent Member of Data Governance Committee BRI (2022-present).
• Permanent member of Human Capital Talent Committee BRI
(2022-present).
• Permanent member of the Human Capital Committee for Performance
Management BRI (2022-present).
• Permanent member of Human Capital Committee for Ethics & Discipline
BRI (2022-present).
• Permanent Member of Goods and Services Procurement Committee BRI
(2022-present).
Does not have a position in another public company.
SHAREHOLDING
3,587,470 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
116 2023 Annual Report
Page 119
Company
Profile
Affiliate Relations of Members of The Board of Directors
Table of Directors Affiliation Relations
Financial and Family Relations of the Board of Directors Management
Financial Relations With Financial Relations With
Management
Board of
Name Position Board of Relations Board of Controlling Board of Relations Board of Controlling Relations
Commisioner Director shareholders Commisioner Director shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
President
Sunarso √ √ √ √ √ √ √
Director
Catur Budi Vice President
√ √ √ √ √ √ √
Harto Director
Director of
Supari √ √ √ √ √ √ √
Micro Business
Director
Amam of Small
√ √ √ √ √ √ √
Sukriyanto & Medium
Business
Director of
Handayani Consumer √ √ √ √ √ √ √
Business
Agus Director of
√ √ √ √ √ √ √
Winardono Human Capital
Viviana
Director of
Dyah Ayu √ √ √ √ √ √ √
Finance
R.K.
Director of
Andrijanto Network and √ √ √ √ √ √ √
Service
Director
Agus
of Risk √ √ √ √ √ √ √
Sudiarto
Management
Director of
Agus Wholesale &
√ √ √ √ √ √ √
Noorsanto Institutional
Business
Director of
Arga M.
Network and √ √ √ √ √ √ √
Nugraha
Service
Ahmad
Director of
Solichin √ √ √ √ √ √ √
Compliance
Lutfiyanto
Board of Directors Education and/or Training
A description of the education and/or training for the Board of Directors is presented in the Corporate Governance Chapter.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 117
Page 120
Changes in The Composition of The Members of The Board of Directors and The
Reasons for The Changes
During 2023, there was a change in the composition of the members of the Board of Directors. However, on March 13, 2023, the 2023
Annual General Meeting of Shareholders decided:
1. Respectfully removal the Company’s Directors, that is Sunarso as President Director, Supari as Director of Micro Business, and Ahmad
Solichin Lutfiyanto as Director of Compliance.
2. Appointed Sunarso as President Director, that is Supari as Director of Micro Business and Ahmad Solichin Lutfiyanto as Director of
Compliance.
All members of the Board of Directors domiciled in the work area of the BRI Head Office. The composition and basis for appointing the
Board of Directors can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Directors
Name Position Executor Basis of Appointment Effective date
• Extraordinary GMS on September 2,
Sunarso President Director OJK 2019 December 20, 2019
• Annual GMS on March 13, 2023
Catur Budi Harto Vice President Director OJK Extraordinary GMS on September 2, 2019 December 20, 2019
• Annual GMS on March 22, 2018
Supari Director of Micro Business OJK December 4, 2018
• Annual GMS on March 13, 2023
Director of Small & Medium
Amam Sukriyanto OJK Extraordinary GMS on January 21, 2021 April 14, 2021
Business
Handayani Director of Consumer Business OJK Extraordinary GMS on October 18, 2017 March 14, 2018
Viviana Dyah Ayu Retno Director of Finance OJK Extraordinary GMS on January 21, 2021 April 14, 2021
Agus Winardono Director of Human Capital OJK Extraordinary GMS on January 21, 2021 April 14, 2021
Andrijanto Director of Network and Service OJK Annual GMS on March 1, 2022 June 22, 2022
Agus Sudiarto Director of Risk Management OJK Extraordinary GMS on September 2, 2019 December 20, 2019
Director of Wholesale &
Agus Noorsanto OJK Extraordinary GMS on September 2, 2019 December 20, 2019
Institutional Business
Arga M. Nugraha Director of Network and Service OJK Extraordinary GMS on January 21, 2021 April 14, 2021
• Annual GMS on March 22, 2018,
appointed as Compliance Director based
Ahmad Solichin
Director of Compliance OJK on the Extraordinary GMS on January 21, April 1, 2021
Lutfiyanto
2021
• Annual GMS on March 13, 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
118 2023 Annual Report
Page 121
Company
Profile
Board of
Commissioners’ Profile
EDUCATIONAL BACKGROUND
• Bachelor of Accounting, University of Indonesia (1996).
• Master of Business Administration, Erasmus University, Rotterdam, Belanda
(2001).
CERTIFICATION
Risk Management Certification Level 5
WORK EXPERIENCE
• President Director of Bank Mandiri (2016 – 2019).
• Chairman of the National Bank Association (PERBANAS) (2016 – present).
• Member of the APEC Business Advisory Council (ABAC) - Indonesia Member
Kartika Wirjoatmodjo (2017 – present).
President Commissioner • President Commissioner of Bank Mandiri (2019 – 2020).
• Deputy Chairman of the General Banking Standing Committee for SOE and
ROE – Indonesian Chamber of Commerce and Industry (KADIN) (2015-2021).
• Deputy General Chairman of KADIN Indonesia for SOE - Indonesian Chamber
Indonesian citizens,
of Commerce and Industry (KADIN) (2021-present).
born in Surabaya, in 1973.
• President Commissioner of BRI (2020 – present).
Age 49 as of December 2023. • Deputy Minister of State-Owned Enterprises (2019 – present).
Domicile in Jakarta.
LEGAL BASIS OF APPOINTMENT
Appointed as President Commissioner of BRI for the first time on 18 February
2020 based on the results of the 2020 BRI AGMS resolution. Effective after
obtaining OJK approval or Fit and Proper Test according to OJK Letter No. 46/
KDK.03/2020 dated 03 July 2020.
TERM OF OFFICE
2020 – 2025 (First Period).
DOUBLE FUNCTION
• Deputy Minister of State-Owned Enterprises (2019 – present).
• President Commissioner of BRI (2020 – present).
• Chairman of the National Bank Association (PERBANAS) (2016 – present).
• Member of the APEC Business Advisory Council (ABAC) - Indonesia Member
(2017 – present).
• Deputy General Chairman of KADIN Indonesia for SOE - Indonesian
Chamber of Commerce and Industry (KADIN) (2021-present).
• Member of the BRI Nomination and Remuneration Committee (2020 -
present).
• Member of the BRI Integrated Governance Committee (2020 - present).
Does not have a position in another public company.
SHAREHOLDING
689,800 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 119
Page 122
EDUCATIONAL BACKGROUND
• Bachelor of Economics from the Islamic University of Indonesia, Yogyakarta
(1993).
• Bachelor of Political Science from Gadjah Mada University, Yogyakarta (1994).
• Master Specialist in Public Finance from the French Prime Minister,
Institute International d’Administration Publique (IIAP)-Ecole National
d’Administration (ENA) Paris (2000).
• D.E.A (M.Phil) in International and Development Economics from the
Université de Paris 1 Panthéon Sorbonne, Paris (2002).
• Ph.D. in Economics (Applied Macro and Micro Economics Development Studies
in Finance) from Université de Paris 1 Pantheon-Sorbonne, Paris (2005).
• Professional Education:
- NYU Stern School of Business (2023).
- Berkeley Executive Education (2023).
- Kellogg School of Management (2022).
Rofikoh Rokhim - Columbia Business School (2022).
Vice President Commissioner/ - Institute Management Development (2021).
Independent Commissioner - London School of Economics and Political Science (2019) .
- Chicago Booth School of Business (2019).
- Said Business School University of Oxford (2018).
Indonesian citizens, - Stanford Graduate School of Business (2018).
born in Klaten, in 1971. - Wharton Business School (2018).
- Harvard Business School (2016).
Age 52 as of December 2023. - Harvard Kennedy School (2015) .
Domicile in Jakarta. - INSEAD (2014).
- Massachusetts Institute of Technology (2008 - 2009).
- Internationale Weiterbildung und Entwicklung gGmbH (2007).
CERTIFICATION
Risk Management Certification Level 2
WORK EXPERIENCE
• Head of Indonesia Business Intelligence Unit (2008- 2013)
• Risk Management and Audit Committee of PT Pos Indonesia (2012-2015).
• Anti-Mafia Oil and Gas Task Force, Ministry of Energy and Mineral Resources
(2014-2015).
• Service and Membership Committee and Policy on Organizational
Performance and HR Management of BPJS TK (2015-2017).
• President Commissioner of PT Hotel Indonesia Natour (Persero) (2015-2017).
• Village Fund Task Force, Ministry of Village, PDT and Transmigration (2016-2017).
• Independent Commissioner of BRI (2017 – 2021).
• Deputy President Commissioner/Independent Commissioner of BRI (2021 –
present).
LEGAL BASIS OF APPOINTMENT
Appointed as Independent Commissioner of BRI for the first time based on
the Extraordinary GMS on 18 October 2017. Appointed as Deputy President
Commissioner/Independent Commissioner at the Extraordinary GMS on 7
October 2021. Effective after obtaining OJK approval or Fit and Proper Test in
accordance with OJK Letter No. 64 / KDK. 03/2021 on November 30, 2021.
TERM OF OFFICE
• 2017 – 2022 (First Period).
• 2022 – 2027 (Second Period).
DOUBLE FUNCTION
• Lecturer and Researcher at the Faculty of Economics and Business,
University of Indonesia (2006 – present).
• Member of the BRI Audit Committee (2017 – present).
• Member of the BRI Nomination and Remuneration Committee (2018 – present).
• Chairman of BRI’s Risk Management Oversight Committee(2021 – present).
• Chairman of the BRI Integrated Governance Committee (2021 – present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
120 2023 Annual Report
Page 123
Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Agricultural Technology from Bogor Agricultural Institute (1987)
• Professional Education: Imperial College Business School (2023), Imperial
Business School (2023).
CERTIFICATION
• Level 2 Risk Management Certification.
• Funding Basic Certification, PT Indonesian Financing Professional
Certification (SPPI).
WORK EXPERIENCE
• President Director of Bahana Sekuritas (2007-2009)
Heri Sunaryadi • President Director PT Bahana Pembinaan Usaha Indonesia (2009-2013)
Independent Commissioner • President Director of PT Kustodian Sentral Efek Indonesia (2013 – 2014).
• Finance Director of PT Telekomunikasi Indonesia Tbk (2014 – 2016).
• Commissioner of PT Kustodian Sentral Efek Indonesia (2016 – 2018).
Indonesian citizens, • Commissioner of PT Merdeka Copper Gold Tbk (2018 – 2021).
• Independent Commissioner of BRI (2021 – Present).
born in Jember, in 1965.
• Independent Commissioner Tower Bersama Group (2022-present).
Age 58 as of December 2023.
Domicile in Jakarta. LEGAL BASIS OF APPOINTMENT
Appointed as BRI Independent Commissioner for the first time on October 7, 2021
based on the resolution of the 2021 BRI EGMS. Effective after obtaining OJK
approval or Fit and Proper Test according to OJK Letter No. SR-29/PB.12/2022
on February 8, 2022.
TERM OF OFFICE
2021 – 2026 (First Period).
DOUBLE FUNCTION
• Chairman of the BRI Nomination and Remuneration Committee (2022 –
present).
• Member of the BRI Audit Committee (2022 – present).
• Member of the Risk Management Oversight Committee(2022 – present).
• Member of the Integrated Governance Committee (2022 – present).
• Independent Commissioner Tower Bersama Group (2022-present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
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EDUCATIONAL BACKGROUND
• Bachelor of Economics & Mathematics, University of Georgia, USA (1996).
• Master of Management, University of Indonesia (2001).
• Ph.D. in Economics, George Mason University, USA (2008).
• Professional Education: Stanford School of Business (2023), Wharton
Business School (2023), Harvard Business School (2023).
CERTIFICATION
Risk Management Certification Level 1
WORK EXPERIENCE
• Lead Adviser for Australia Indonesia Economic Partnership (2017 - 2018).
Rabin Indrajad Hattari • Senior Economist Asian Development Bank (2010 – 2020).
Commissioner • Special Staff V Ministry of BUMN (2020 – 2021).
• Expert Staff for Industry at the Ministry of BUMN (2021-2023).
• Planning Expert Staff, Defense Industrial Policy Committee, Indonesian
Ministry of Defense (2020 - present).
Indonesian citizens,
• BRI Commissioner (2020 – present).
born in Jakarta, in 1975.
• Member of the Remuneration and HR Committee, Indonesia Investment
Age 48 as of December 2023. Agency (INA) (2021 - present).
Domicile in Jakarta. • Secretary of the Ministry of BUMN (2023 – present).
LEGAL BASIS OF APPOINTMENT
Appointed as Commissioner of BRI for the first time on 18 February 2020 based
on the results of the 2020 BRI AGMS resolution. Effective after obtaining
OJK approval or Fit and Proper Test in accordance with OJK Letter No. 54/
KDK.03/2020 dated 27 July 2020.
TERM OF OFFICE
2020 – 2025 (First Period).
DOUBLE FUNCTION
• Secretary of the Ministry of BUMN (2023 – present).
• Planning Expert Staff, Defense Industrial Policy Committee, Indonesian
Ministry of Defense (2020 - present).
• Member of the Remuneration and HR Committee, Indonesia Investment
Agency (INA) (2021 – present).
• Member of BRI Nomination and Remuneration Committee (2020 – present).
• Member of BRI Risk Management Oversight Committee (2020 – present).
Does not have a position in another public company.
SHAREHOLDING
620,700 shares
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
EDUCATIONAL BACKGROUND
• Doctor of Management, Indonesian Islamic University (1984)
• Bachelor of Laws, Gajah Mada University (1986).
• Master of Law, Gadjah Mada University (1999)
• Master of Law, University of Groningen (2008).
• Doctor of Law, Gajah Mada University (2012).
• Professional Education: Harvard Business School (2023).
CERTIFICATION
Level 2 Risk Management Certification
WORK EXPERIENCE
Paripurna Poerwoko Sugarda • Lecturer at the Faculty of Law, Gadjah Mada University (1988 - present).
• Dean of the Faculty of Law, Gadjah Mada University (2012 - 2014).
Independent Commissioner
• Head of Asia Pacific Research Center, Gadjah Mada University
(2020 - 2022).
• Vice Chancellor for Cooperation and Alumni, Gadjah Mada University
Indonesian citizens,
(2014 - 2022).
born in Yogyakarta, in 1957.
• Independent Commissioner of BRI (2022 – Present).
Age 66 as of December 2023. • President Commissioner of PT Kaltim Methanol Industri (2022 – present).
Domicile in Jakarta.
LEGAL BASIS OF APPOINTMENT
Appointed as BRI Independent Commissioner for the first time on March 1, 2022
based on the 2022 GMS resolutions. Effective after obtaining OJK approval or
Fit and Proper Test according to OJK Letter No. 28/KDK.03/2022 dated August
8, 2022.
TERM OF OFFICE
2022 – 2027 (Fitrst Period).
DOUBLE FUNCTION
• Lecturer at the Faculty of Law, Gadjah Mada University (1988 - present).
• President Commissioner of PT Kaltim Methanol Industri (2022 – present).
• Member of the BRI Nomination and Remuneration Committee (2022 –
present).
• Member of the BRI Integrated Governance Committee (2022 – present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 123
Page 126
EDUCATIONAL BACKGROUND
• Bachelor of Law, University of North Sumatra (1982).
• Master of Management, STIE IPWI (2000).
CERTIFICATION
Risk Management Certification Level 3
WORK EXPERIENCE
• Head of Regional Office 6 for Sulawesi, Maluku and Papua (Sulampua)
Financial Services Authority (OJK) (2014).
• Head of the Special Examination and Banking Investigation Department of
the Financial Services Authority (OJK) (2014).
Hendrikus Ivo • Head of the Legal Department of the Financial Services Authority (OJK)
Independent Commissioner (2015).
• Deputy Commissioner for Investigations & APU PPT Financial Services
Authority (OJK) (2016).
• Deputy Commissioner for Investigations, Organizations and Human
Indonesian citizens,
Resources of the Financial Services Authority (OJK) (2017).
born in Jakarta, in 1958.
• Senior Advisor to the Chairman of the Board of Commissioners of the
Age 65 as of December 2023. Financial Services Authority (OJK) (2018).
Domicile in Jakarta. • Independent Commissioner of BRI (2019 – present).
LEGAL BASIS OF APPOINTMENT
Appointed for the first time as BRI Independent Commissioner on 15 May
2019 based on the results of the 2019 BRI AGMS. Effective after obtaining OJK
approval or Fit and Proper Test according to OJK Letter Nokep-41/ KDK.03/2019
dated 29 August 2019.
TERM OF OFFICE
2019 – 2024 (First Period).
DOUBLE FUNCTION
• Chairman of BRI Audit Committee (2020 – present).
• Member of BRI Nomination and Remuneration Committee (2018 –
present).
• Member of BRI Integrated Governance Committee (2018 – present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Laws, Pancasila University (1990).
• Alumni of Lemhanas-40 (2007).
• Master of Science, Gadjah Mada University (2012).
• Professional Education: Harvard Business School (2023), Northwestern-
Kellogg Executive Education School of Management (2023).
CERTIFICATION
Risk Management Certification Level 2
WORK EXPERIENCE
• Founder and Head of Ria Latifa & Partner Law Firm (1992 – present).
Dwi Ria Latifa • Member of DPR RI (2000 – 2004).
Independent Commissioner • Member of DPR RI (2014 – 2019).
• Chairman of the Dharma Wanita Persatuan (DWP) of the Indonesian Embassy
in Cairo (2016 – 2020).
• Independent Commissioner of BRI (2020 – present).
Indonesian citizens,
• President Commissioner of PT Bersua Utama Indonesia (2020 – present).
born in Tanjung Balai Karimun , in 1966.
Age 57 as of December 2023. LEGAL BASIS OF APPOINTMENT
Domicile in Jakarta. Appointed as an Independent Commissioner of BRI for the first time on February
18, 2020 based on the resolutions of the 2020 BRI AGMS. Effective after
obtaining OJK approval or Fit and Proper Test in accordance with OJK Letter No.
2/ KDK.03/2021 Dated January 20, 2021.
TERM OF OFFICE
2020 – 2025 (Firstr period).
DOUBLE FUNCTION
• Founder and Head of Ria Latifa & Partner Law Firm (1992 – present).
• President Commissioner of PT Bersua Utama Indonesia (2020 – present).
• Member of BRI Nomination and Remuneration Committee (2021 –
present).
• Member of BRI Risk Management Oversight Committee(2021 – present).
• Member of BRI Integrated Governance Committee (2021 – present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 125
Page 128
EDUCATIONAL BACKGROUND
• Bachelor of Architecture, Bandung Institute of Technology (1989).
• Professional Education: Harvard Business School (2023), Northwestern-
Kellogg Executive Education School of Management (2023).
CERTIFICATION
Level 2 Risk Management Certification
WORK EXPERIENCE
• Director of Finance and Corporate Affairs, PT Cardig International Support
(2017-2020).
• Director of Finance and Corporate Affairs, PT Cardig Express Nusantara
Nurmaria Sarosa (2020-2021).
• Executive Director of PT Selaras Logistik Indonesia (2021 - 2022).
Independent Commissioner
• Independent Commissioner of PT Bank Rakyat Indonesia (Persero) Tbk.
(2022 - present).
Indonesian citizens,
LEGAL BASIS OF APPOINTMENT
born in Jakarta, in 1965.
Appointed as BRI Independent Commissioner for the first time on March 1, 2022
Age 58 as of December 2023. based on the results of the 2022 Annual GMS. Effective after obtaining OJK
Domicile in Jakarta. approval or Fit and Proper Test according to OJK Letter No. 27/KDK/.03/2022
dated August 8, 2022.
TERM OF OFFICE
2022 – 2027 (First Period).
DOUBLE FUNCTION
• BRI Nomination and Remuneration Member (2022 - present).
• Member of BRI’s Risk Management Oversight Committee
(2022 – present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
126 2023 Annual Report
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Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Laws, Kristen Satya Wacana University (1986).
• Master of Law, Iblam College of Law (2001).
• Professional Education: Imperial Business School (2023).
CERTIFICATION
Level 2 Risk Management Certification.
WORK EXPERIENCE
• Head of the High Prosecutor’s Office, Bangka Belitung (2014-2015).
• Director of Intel Code and Production, Attorney General of the Republic of
Indonesia (2015-2018).
Agus Riswanto • Expert Staff of the Attorney General of the Republic of Indonesia for
Intelligence, Attorney General of the Republic of Indonesia (2018 - 2022).
Independent Commissioner
• Independent Commissioner of PT Bank Rakyat Indonesia (Persero) Tbk.
(2022 – present).
Indonesian citizens,
LEGAL BASIS OF APPOINTMENT
born in Delanggu, in 1962.
Appointed as BRI Independent Commissioner for the first time on March 1, 2022
Age 61 as of December 2023. based on the results of the 2022 Annual GMS. Effective after obtaining OJK
Domicile in Jakarta. approval or Fit and Proper Test according to OJK Letter No. 29/KDK.03/2022
dated 8 August 2022.
TERM OF OFFICE
2022 – 2027 (First Period).
DOUBLE FUNCTION
• BRI Audit Committee Member (2022 – Present).
• Member of the BRI Nomination and Remuneration Committee
(2022-Present)
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 127
Page 130
EDUCATIONAL BACKGROUND
• Bachelor of Economics, Gajah Mada University, Yogyakarta (1992).
• Master of Business Taxation, University of Southern California, USA (1997).
CERTIFICATION
• Chartered Accountant (CA) - 2022.
WORK EXPERIENCE
• Head of Regional Office of the Directorate General of Taxes, Central Java I
(2016).
• Expert Staff for Tax Regulations and Law Enforcement (2016 - 2021).
• Inspector General, Ministry of Finance (2021 - present).
Awan Nurmawan Nuh • Member of the Supervisory Board of the Indonesian Accountants Association
Komisaris (2022 - present)
• BRI Commissioner (2023 – present).
LEGAL BASIS OF APPOINTMENT
Indonesian citizens,
born in Bandung , in 1968. Appointed as Commissioner of BRI for the first time on March 13, 2023 based on
the results of the 2023 Annual GMS. Effective after obtaining OJK approval or
Age 55 as of December 2023. Fit and Proper Test in accordance with OJK Letter No. SR-285/PB.02/2023 dated
Domicile in Jakarata. December 08, 2023.
TERM OF OFFICE
2023 – 2028 (First Period).
DOUBLE FUNCTION
• Inspector General, Ministry of Finance (2021 - present).
• Member of the Supervisory Board (2022 - present)
• Member of the BRI Nomination and Remuneration Committee
(2023-present).
• Member of the BRI Risk Management Committee (2023-present).
Does not have a position in another public company.
SHAREHOLDING
Do not have
PT Bank Rakyat Indonesia (Persero) Tbk.
128 2023 Annual Report
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Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Law, Padjadjaran University (1986).
• Master of Law, Harvard University Law School, USA (1993).
• Doctor of Law, Padjadjaran University (2012).
CERTIFICATION
• Level 2 Risk Management Certification.
• Certificate International Tax Program Harvard University.
• Certificate of Leadership in Challenging World, IMD Business School.
• Certificate of Management Leadership, Wharton Business School.
WORK EXPERIENCE
Hadiyanto* • Director General of State Assets, Ministry of Finance (2006 - 2015).
Commissioner • President Commissioner of PT Garuda Indonesia Tbk. (2007 - 2012).
• Commissioner of PT Telkom Tbk (2012 - 2018).
• Secretary General, Ministry of Finance (2015 – 2021).
• Chair of the Supervisory Board at the Education Fund Management Institute
Indonesian citizens,
(2015 – 2023).
born in Ciamis, in 1962.
• Chairman of the Supervisory Board at Dr. Hospital. Cipto Mangunkusumo
Age 61 as of December 2023. (2016 – 2023)
Domicile in Jakarata. • Commissioner of BRI (2018 – present)
• Director General of Treasury, Ministry of Finance (2021-2023).
*) Honorably dismissed at the 2023 Annual GMS on March
13, 2023. LEGAL BASIS OF APPOINTMENT
Appointed as Commissioner of BRI in 2018 based on the results of the Annual
GMS on March 22, 2018. Effective after obtaining OJK approval or Fit and Proper
Test in accordance with OJK Letter No.30/ KDK.03/2018 dated 18 September
2018.
TERM OF OFFICE
2018 – 2023 (First Period).
DOUBLE FUNCTION
• Supervisory Board at the Education Fund Management Institution (2015-
2023).
• Supervisory Board at Dr. Hospital. Cipto Mangunkusumo (2016-2023).
• Member of the BRI Nomination and Remuneration Committee (2018-2023).
• Member of the BRI Risk Management Oversight Committee(2021-2023).
• Member of the BRI Integrated Governance Committee (2018-2023).
Does not have a position in another public company.
SHAREHOLDING
1,048,700 Shares
PT Bank Rakyat Indonesia (Persero) Tbk.
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Page 132
Affiliated Relationship of Members of The Board of Commissioners
Table of Affiliation of the Board of Commissioners
Financial and Family Relations of the Board of Directors Management
Financial Relations With Financial Relations With
Management
Board of
Name Position Board of Relations Board of Controlling Board of Relations Board of Controlling Relations
Commisioner Directors shareholders Commisioner Directors shareholders
Yes No Yes No Yes No Yes No Yes No Yes No Yes No
Kartika President
√ √ √ √ √ √ √
Wirjoatmodjo Commissioner
Vice President
Rofikoh Commissioner/
√ √ √ √ √ √ √
Rokhim Independent
Commissioner
Heri Independent
√ √ √ √ √ √ √
Sunaryadi Commissioner
Rabin
Indrajad Commissioner √ √ √ √ √ √ √
Hattari
Paripurna
Independent
Poerwoko Commissioner
√ √ √ √ √ √ √
Sugarda
Independent
Hendrikus Ivo Commissioner
√ √ √ √ √ √ √
Nurmaria Independent
√ √ √ √ √ √ √
Sarosa Commissioner
Independent
Dwi Ria Latifa Commissioner
√ √ √ √ √ √ √
Agus Independent
√ √ √ √ √ √ √
Riswanto Commissioner
Awan
Nurmawan Commissioner √ √ √ √ √ √ √
Nuh
Hadiyanto* Commissioner √ √ √ √ √ √ √
*) Honorably dismissed at the 2023 Annual GMS on March 13, 2023.
Board of Commissioners Education and/or Training
A description of the education and/or training for the Board of Commissioners is presented in the Corporate Governance Chapter.
Changes in the Composition of Members of The Board of Commissioners and the
Reasons for the Changes
During 2023, there was a change in the composition of the members of the Board of Commissioners. Changes in the composition of the
members of the Board of Commissioners were made based on the needs of the Company. Changes in the composition of the members of
the Board of Commissioners are as follows:
PT Bank Rakyat Indonesia (Persero) Tbk.
130 2023 Annual Report
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Company
Profile
Composition of The Board of Commissioners Before The Annual GMS on March 13, 2023
The composition of the Board of Commissioners before the Annual General Meeting of Shareholders (AGMS) on March 13, 2023 was 10
(ten) people consisting of 1 (one) President Commissioner, 1 (one) Deputy President Commissioner/Independent Commissioner, 6 (six) an
Independent Commissioner and two Commissioners. All members of the Board of Commissioners domiciled in the work area of the BRI
Head Office. The composition and basis for appointment of the Board of Commissioners can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Commissioners Prior to the Annual GMS on March 13, 2023
Name Position Executor Basis of Appointment Effective date
Kartika Wirjoatmodjo President Commissioner OJK Annual GMS on February 18, 2020 July 3, 2020
Vice President Commissioner/
Rofikoh Rokhim OJK Extraordinary GMS on October 7, 2021 November 30, 2021
Independent Commissioner
Hadiyanto Commissioner OJK Annual GMS on March 22, 2018 December 8, 2023
Rabin Indrajad Hattari Commissioner OJK Annual GMS on February 18, 2020 July 27, 2020
Dwi Ria Latifa Independent Commissioner OJK Annual GMS on February 18, 2020 January 20, 2021
Hendrikus Ivo Independent Commissioner OJK Annual GMS on 15 May 2019 August 29, 2019
Heri Sunaryadi Independent Commissioner OJK Extraordinary GMS on October 7, 2021 February 8, 2022
Agus Riswanto Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
Paripurna Poerwoko Sugarda Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
Nurmaria Sarosa Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
Composition of The Board of Commissioners after The Annual GMS on March 13, 2023
On March 13, 2023, the Annual General Meeting of Shareholders (AGMS) decided to change the composition of the Company’s
management as follows:
1. Respectfully dismissing Hadiyanto as Commissioner of the Company:
2. Appointing Awan Nurmawan Nuh as Commissioner of the Company
Thus, the composition of the Board of Commissioners after the Annual GMS on March 13, 2023 was 10 (ten) people consisting of 1
(one) Main Commissioner, 1 (one) Deputy Main Commissioner/Independent Commissioner, 6 (six) Independent Commissioners and two
Commissioner. All members of the Board of Commissioners domiciled in the work area of the BRI Head Office. The composition and basis
for appointment of the Board of Commissioners can be seen in the table below.
Table of Composition and Basis for Appointment of the Board of Commissioners after the Annual GMS on March 13, 2023
Name Position Executor Basis of Appointment Effective date
Kartika Wirjoatmodjo President Commissioner OJK Annual GMS on February 18, 2020 July 3, 2020
Vice President Commissioner/
Rofikoh Rokhim OJK Extraordinary GMS on October 7, 2021 November 30, 2021
Independent Commissioner
Awan Nurmawan Nuh Commissioner OJK Annual GMS on March 13, 2023 September 18, 2018
Rabin Indrajad Hattari Commissioner OJK Annual GMS on February 18, 2020 July 27, 2020
Dwi Ria Latifa Independent Commissioner OJK Annual GMS on February 18, 2020 January 20, 2021
Hendrikus Ivo Independent Commissioner OJK Annual GMS on 15 May 2019 August 29, 2019
Heri Sunaryadi Independent Commissioner OJK Extraordinary GMS on October 7, 2021 February 8, 2022
Agus Riswanto Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
Paripurna Poerwoko Sugarda Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
Nurmaria Sarosa Independent Commissioner OJK Annual GMS on March 1, 2022 February 8, 2022
PT Bank Rakyat Indonesia (Persero) Tbk.
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Page 134
Executive
Officer Profile
Senior Executive Vice President (SEVP)
EDUCATIONAL BACKGROUND
• Bachelor of Business Administration, Brawijaya University, Malang (1990).
• Master of Agribusiness Management, Gadjah Mada University, Yogyakarta (2005).
WORK EXPERIENCE
• Vice President Regional Office Malang (Oktober 2012 - Februari 2016).
• Vice President Regional Office Yogyakarta (Maret 2016 - Juni 2018).
• Executive Vice President Divisi Medium Business (Juli 2018 - Juli 2019).
• Executive Vice President Divisi Agribusiness (Agustus 2019 - Oktober 2019).
• Executive Vice President Regional CEO BRI Surabaya (November 2019 - Maret 2022).
• SEVP Satuan Kerja Audit Intern (SKAI) (2022 – sekarang)
LEGAL BASIS OF APPOINTMENT
Triswahju Herlina Directors Decree No.339-DIR/HCB/03/2022 dated March 7, 2022 and approval of the Board
SEVP Satuan Kerja Audit Intern (SKAI) xxx of Commissioners No. R.07- KOM/01/2022 dated January 25, 2022.
Indonesian citizens, born in Madiun, in 1968. TERM OF OFFICE
Age 55 as of December 2022. Starting from 2022 – the next Decree of Change.
Domicilie in Malang.
SHAREHOLDING
686,500 share
EDUCATIONAL BACKGROUND
• Bachelor of Development Economics, Padjadjaran University (1998).
• MBA in Finance, Tulane University USA (2009).
WORK EXPERIENCE
• Senior Manager of Derivatives & Product Development in Global Market Head Office
(2014 – 2016).
• Senior Manager of Head Office Human Capital Policy & Development Division (2016 –
2017).
• Vice President of Strategy & Business Development Division, Head Office Corporate
Development & Strategy Division (2017 – 2019).
• Senior Vice President of Investor Relations Division Head Office Strategy & Finance
Directorate (2019 – 2021).
Achmad Royadi • SEVP Treasury & Global Services (2021 – present).
SEVP Treasury & Global Services
LEGAL BASIS OF APPOINTMENT
Indonesian citizens, born in Jakarta, in 1975. SK NOKEP: 410 – DIR/HCB/07/2021 regarding Promotion as Senior Executive Vice President
Age 48 as of December 2022. of Treasury & Global Services Directorate dated July 26, 2021.
Domicilie in Jakarta.
TERM OF OFFICE
Starting from July 1, 2021 – SK for the next amendment Decree.
SHAREHOLDING
928,072 share
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Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Eng (Hons), The University of Melbourne (2001).
• Bachelor of Commerce, The University of Melbourne (2001).
• Master of Business Administration, Melbourne Business School, The University of
Melbourne (2005).
• CFA (2008).
WORK EXPERIENCE
• Management Associate to Senior Assistant Manager, Citibank (2001-2004).
• Manager to Director - Retail Investment and Consumer Treasury, Citibank (2005-2013).
• Lecturer Postgraduate Program - International Finance, BINUS Business School (2011-
2013).
• Head of Sales and Marketing, PT First State Investments (2013- 2014).
Harsya Wardhana Prasetyo • Associate Partner, PT McKinsey Indonesia (2014-2016). • Director - Retail and Digital
Bank Head, Citibank (2016-2019). • Head of Supervisory Board Dana Pensiun Citibank
SEVP Change Management & Indonesia (2017-2019). • Senior Advisor, PT McKinsey Indonesia (2019-2021). • Partner,
Transformation Office PT McKinsey Indonesia (2021-2022). • SEVP Change Management & Transformation
Office (2022 – present).
Indonesian citizens, born in Jakarta, in 1978.
Age 45 as of December 2022.
LEGAL BASIS OF APPOINTMENT
Domicilie in Jakarta.
Employment agreement: B.446-HCD/HDR/03/2022 tentang Promosi Sebagai Senior Executive
Vice President Change Management & Transformation Office dated March 10, 2022.
TERM OF OFFICE
Starting from 2022 – the next Amendment Decree.
SHAREHOLDING
744,500 share
EDUCATIONAL BACKGROUND
Bachelor of Agribusiness, Sriwijaya University (1995).
WORK EXPERIENCE
• Head of BRI Bitung Branch Office, Manado Regional Office (2010-2011).
• Head of BRI Ubud Branch Office, Denpasar Regional Office (2012-2013)
• Branch Manager of BRI Bumi Serpong Damai Branch Office, Regional Office Jakarta 3
(2013-2014).
• Branch Manager of BRI Jakarta Krekot Branch Office, Regional Office Jakarta 1 (2014-2015).
• Head of BRI Jakarta Kebayoran Baru Branch Office, Jakarta Regional Office 2 (2015-2017).
• BRI Jakarta Veteran Branch Leader (2017).
• Deputy Regional Leader for Business, Regional Office Jakarta 1 (2017-2019).
Muhammad Candra Utama • Acting Head of Briguna Loan Division, Head Office (2019-2020).
• Head of Institution Division 1 Head Office (2020).
SEVP Ultra Micro • Executive Vice President of the Head Office Institutional Business Division (2020-2022).
• Division Head Institutional Business Head Office (2022-2023).
Indonesian citizens, born in Palembang , in 1972.
• SEVP Ultra Micro (2023 – present).
Age 51 as of December 2022.
Domicilie in Tangerang Selatan.
LEGAL BASIS OF APPOINTMENT
BRI Directors Decree NOKEP: 1612 – DIR/HCB/08/2023 concerning Promotion as Senior
Executive Vice President of the Ultra Micro Directorate dated August 21, 2022.
TERM OF OFFICE
Starting from August 1, 2023 – SK for the next amendment Decree.
SHAREHOLDING
1,263,128 share
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 133
Page 136
EDUCATIONAL BACKGROUND
• Bachelor of Corporate Economics, Atma Jaya University, Yogyakarta (1994).
• Master of Marketing Management, Padjadjaran University Bandung (2005).
WORK EXPERIENCE
• Head of BRI Sorong Branch Office, Makassar Regional Office (2008-2010).
• Head of BRI Prabumulih Branch Office, Palembang Regional Office (2010-2011).
• Branch Manager BRI Balaraja Branch Office, Regional Office Jakarta 3 (January
2012-December 2012).
• Branch Manager of BRI Jakarta Mangga Dua Branch Office, Regional Office Jakarta 1
(2013-2014).
• Head of BRI Jakarta Jatinegara Branch (2014-2015).
• Acting Head of Directors Bureau, Corporate Secretary Division, Head Office (2015-2016).
Aestika Oryza Gunarto • Deputy Head of Corporate Secretary Division at Head Office (2016-2019).
• Deputy Regional Leader for Business, Makassar Regional Office (2019).
SEVP Fixed Assets Management & • Deputy Regional Leader for Business, Semarang Regional Office (2019-2020).
Procurement • P.J. Executive Vice President, Corporate Secretary Division, Head Office (2020).
• Executive Vice President, Corporate Secretary Division, Head Office (2020-2023).
Indonesian citizens, born in Kendal, in 1970.
• SEVP Fixed Assets Management & Procurement (2023 – present).
Age 53 as of December 2022.
Domicilie in Sleman.
LEGAL BASIS OF APPOINTMENT
BRI Directors Decree NOKEP: 1611 – DIR/HCB/08/2023 concerning Promotion as Senior
Executive Vice President of the Fixed Assets Management & Procurement Directorate
dated August 1, 2023.
TERM OF OFFICE
Starting from August 1, 2023 – SK for the next amendment Decree.
SHAREHOLDING
128,100 share
EDUCATIONAL BACKGROUND
• Bachelor of Mathematics, Bogor Agricultural Institute (2000).
• MBA, University Of Rochester, USA (2010).
WORK EXPERIENCE
• Acting Group Head of Head Office IT Planning & Development Division (2012-2013).
• Group Head of Head Office IT Planning & Development Division (2013-2015).
• Acting. Deputy Head of Head Office IT Planning & Development Division (2015-2016).
• Deputy Head of Head Office IT Planning & Development Division (2016-2018).
• Acting Head of the Head Office Technology Cooperation Division (2018-2019).
• Head of Head Office Technology Cooperation Division (2019).
• Head of Application Management & Operation Division at Head Office (2019-2020).
• Executive Vice President Application Management & Operation Head Office (2020-2023)
I Nyoman Sugiri Yasa • SEVP Operations (2023 – present).
SEVP Operations
LEGAL BASIS OF APPOINTMENT
Indonesian citizens, born in Bali, in 1977. BRI Directors Decree NOKEP: 1610 – DIR/HCB/08/2023 concerning Promotion as Senior
Age 46 as of December 2022. Executive Vice President of the Operations Directorate.
Domicilie in Jakarta.
TERM OF OFFICE
Starting from August 1, 2023 – SK for the next amendment Decree.
SHAREHOLDING
803,684 share
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
EDUCATIONAL BACKGROUND
• Bachelor of Management, Gadjah Mada University, Yogyakarta (1996)
• Master of Management, Ipmi College of Management (2001).
WORK EXPERIENCE
• Organization Capability Manager Indonesia Procter & Gamble (1999 – 2002).
• Sales Consultant AchieveGlobal (2002 – 2004).
• Indonesia - Client Professional Resources Dunamis Organization Services (2004 – 2006).
• Group Learning Head PT Bank Danamon Indonesia (2006 – 2009).
• Head of Learning & Development Barclays Bank (2009 – 2010).
• Head of Organization and People Development Bank Permata (2010 – 2013).
• Director of Learning Danone (2013 – 2016).
• Director of Organizational Development Danone (2016 – 2017).
Steven Augustino Yudiyantho • HR BP Director Danone Aqua (2017 – 2018).
• Chief Learning Officer BUMN Leadership & Management Institute (2021 – 2023).
SEVP Human Capital Strategy • Chief Learning Officer Mandiri University (2019 – 2021).
• Senior VP Human Capital Strategy & Talent Management (2018 – 2023).
Indonesian citizens, born in Tanjung Pinang,
• SEVP Human Capital Strategy (2023 – present).
in 1973.
Age 50 as of December 2022.
Domicilie in Jakarta.
LEGAL BASIS OF APPOINTMENT
Employment agreement No. B.1538-HCD/HDR/11/2023, dated November 20, 2023.
TERM OF OFFICE
Starting from December 1, 2023 – SK for the next amendment Decree.
SHAREHOLDING
28,500 share
Echelon 1 and BRI Working Units
Work Unit Leader Work Unit Work Unit Leader Work Unit
Division Head Card, Digital & Assets Product
Dewi Andjarsari
Development Division
Agustya Hendy Bernadi Corporate Secretary Division
Martua Hanry K Panggabean Wealth Management Division
Mochamad Choliq Institutional Business Division
Ninis Indriswari Consumer Sales Management Division 1
Teguh Tofani Energy & Mining Division
R.Madya Januar Consumer Sales Management Division 2
Infrastructure, Transportation, Oil &
Iman Nuraprianto
Gas Division Ardhi Setyarko Micro Business Development Division
Novita Svetyana Hasanudin Transaction Banking Division Fita Arisanti Micro Sales Management Division
Trihartono Non-Bank Syndication & FI Division Social Entrepreneurship & Incubation
Evi Sulistyowati
Division
Woro Dwi Wuryandari International Business Division
Dani Wildan Ultra Micro Business Division
Arie Sus Miyanti Investment Services Division
Windriyo Aribowo BRILink Business Division
Itang Rusdinar Treasury Business Division
Ivan Amirudin Distribution Network Division
Nurul Intan Agribusiness Division
Berlian Ferra Herawati Service & Contact Center Division
Adhi Pratama Manufacturing & Property Division
Funding & Retail Payment Strategy
Value Chain & Assets Product Andreas Hassim
Natalia Veronica Division
Development Division
Funding & Retail Payment Sales
Small & Medium Sales Management Dhoni Ramadi Saharto Putra
Dani Alfianto Management Division
Division 1
Funding & Retail Payment Sales
Small & Medium Sales Management Vacant
Ganang Imam W. Management Division 2
Division 2
PT Bank Rakyat Indonesia (Persero) Tbk.
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Work Unit Leader Work Unit Work Unit Leader Work Unit
Shinta Indriyaty IT Strategy & Governance Division Regional CEO
Application Management & Operations Bernadi Kurniawan Regional Office Bandar Lampung
Revan Hadi
Division
Sadmiadi Regional Office Bandung
Digital Banking Development &
Kaspar Situmorang
Operations Division Novian Supriatno Regional Office Banjarmasin
Maulana Yusuf Enterprise Data Management Division Recky Plangiten Regional Office Denpasar
Yusron Avivi IT Infrastructure & Operations Division Yodi Herzaman Regional Office Jakarta 1
Muharto Information Security Division Suyitno Regional Office Jakarta 2
Andini Nauli Nasution Payment Operations Division Nazaruddin Regional Office Jakarta 3
Asep Nurdin Credit Operations Division Hery Noercahya Regional Office Jayapura
Market, Portfolio & Enterprise Risk Hendra Winata Regional Office Makassar
Ety Yuniarti
Division
Mochammad Suratin Regional Office Malang
Nugroho Ari Bawono Credit & Product Risk Policy Division
Luthfi Iskandar Regional Office Manado
Dodo Marjanto Operational Risk Division
Aris Hartanto Regional Office Medan
Nugroho Pancayogo Digital Risk Division
Moh.Harsono Regional Office Padang
Harry Gusti Utama Wholesales Credit Risk Analyst Division
Kusdinar Wiraputra Regional Office Palembang
Vacant Credit Restructuring & Recovery Division
Carang Thombara Putra Human Capital Strategy & Policy Division Kicky Andrie Davetra Regional Office Pekanbaru
Hari Basuki Regional Office Semarang
Issuhersatyo Human Capital Development Division
Setiyarta Regional Office Surabaya
M. Dadang Permana KF Human Capital Business Partner Division
John Sarjono Regional Office Yogyakarta
Vacant BRI Corporate University
Planning, Budgeting & Performance Arief Wibowo Special Branch Office
A. Eddy Tri Wibowo
Management Division
Financial & Management Accounting
Yulianto Setiawan
Division
Work Unit Leader Work Unit
Vacant Investor Relations Division
Regional Chief Audit
Sahat Pangabahan Pangaribuan Subsidiary Management Division
Indah Bayuwijayanti Project Management Office Division Gito Wardoyo Regional Audit Office Bandar Lampung
Vacant Change Management Division Arie Wibowo Regional Audit Office Bandung
Abd. Wahid Wijaya Culture Transformation Division Narto Laksono Regional Audit Office Banjarmasin
Kris Hananto Compliance Division Roland Hutagalung Regional Audit Office Denpasar
Koes Hariyono Legal Division Djoko Purwanto Regional Audit Office Jakarta 1
Kusnandar Nurgraha Policy & Procedure Division Mohamad Fikri Satriawan Regional Audit Office Jakarta 2
Environmental, Social & Governance Agus Firmansyah Regional Audit Office Jakarta 3
Yosephine Ajeng Sekar Putih
Division
Yudi Amiarno Regional Audit Office Jayapura
Fixed Assets Management &
Sukengsi Hari Slamet Wahju Hidajat Regional Audit Office Makassar
Procurement Policy Division
Procurement & Logistics Operations Rustam Maulana Regional Audit Office Malang
Syafri Rakhmat
Division
Isman Ardiana Regional Audit Office Manado
Roma Jaka Permata
Marketing Communication Division Zainuddin Thalib Burutu Regional Audit Office Medan
Simanjuntak
Audit Standards & Quality Development Dhewayani Widyasari Regional Audit Office Padang
Bangkit Ngabdianto
Division Edi Setiawan Regional Audit Office Palembang
Donny Permana Head of Audit Office
Emiliana Ririn Purworini Regional Audit Office Pekanbaru
Nurcholishiana Choirunnisa Desk Asset & Liabilities Management
Dewi Hestiningrum S Regional Audit Office Semarang
Gibbon Mardame Parsaoran
Desk Operational Excellence Fajar Prasetyo Regional Audit Office Surabaya
Tamba
Heddi Sabara Special Investigation Audit Endah Nurhayati Regional Audit Office Yogyakarta
PT Bank Rakyat Indonesia (Persero) Tbk.
136 2023 Annual Report
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Company
Profile
Employee
Profile
Number of Employees by Gender
Table of Number of Employees by Gender (in units of people)
Gender 2023 2022
Women 30,477 28,324
Men 47,262 46,411
Amount 77,739 74,735
Number of Employees by Position Level
Table of Number of Employees by Position Level (in units of people)
2023 2022
Position Level
Women Men Total Women Men Total
Senior Executive Vice President 1 6 7 1 3 4
Executive Vice President 6 26 32 5 30 35
Senior Vice President 20 58 78 16 54 70
Vice President 31 148 179 27 166 183
Assistant Vice President 322 1,090 1,412 292 1,004 1,296
Senior Manager 744 2013 2757 753 2,066 2,819
Manager 994 3,516 4,510 893 3,359 4,252
Junior Manager 5.434 10,586 16,020 4,504 9,288 13,792
Associates 22,925 29,819 52,744 21,833 30,451 52,284
Amount 30,477 47,262 77,739 28,324 46,411 74,735
Number of Employees by Age Range
Table of Number of Employees by Age Range (in units of people)
2023 2022
Age Range
Women Men Total Women Men Total
20 – 24 3,340 1,465 4,805 113 120 233
25 – 29 7,120 6,879 13,999 4.644 4,455 9,099
30 – 34 7,139 14,616 21,755 9,499 15,923 25,422
PT Bank Rakyat Indonesia (Persero) Tbk.
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2023 2022
Age Range
Women Men Total Women Men Total
35 – 39 6,926 13,571 20,497 7,631 14,272 21,903
40 – 44 2,849 5,472 8,321 2,942 5,636 8,578
45 – 49 1,362 2,677 4,039 1,414 2,784 4,198
50 – 54 1,414 2,031 3,445 1,453 2,106 3,559
> 54 327 551 878 628 1,115 1,743
Amount 30,477 47,262 77,739 28,324 46,411 74,735
Number Of Employees By Education Level
Table of Number of Employees by Education Level (in units of people)
2023 2022
Education Level
Women Men Total Women Men Total
≤ High School / Equivalent 640 509 1,149 441 605 1.889
Diploma 4,026 4,701 8,727 3,935 5,026 11,106
Bachelor Degree 25,334 40,745 66,079 23,523 39,615 75,001
Master Degree 477 1,297 1,774 425 1,159 1,679
Doctorate Degree - 10 10 - 6 6
Amount 30,477 47,262 77,739 28,324 46,411 74,735
Number of Employees by Status
Table of Number of Employees by Status (in units of people)
2023 2022
Employment Status
Women Men Total Women Men Total
Permanent Employee 20,209 39,875 60,084 19,913 40,296 60,209
Contract Employee 10,072 7,135 17,207 8,326 6,021 14,347
Trainee 196 252 448 85 94 179
Amount 30,477 47,262 77,739 28,324 46,411 74,735
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
Number of Employees by Generation
Table of Number of Employees by Generation (in units of people)
2023 2022
Generation
Women Men Total Women Men Total
Baby Boomers 1 7 8 34 56 90
Gen X 4,306 7,370 11,676 5,779 10,309 16,088
Millennials 19,222 35,729 54,951 20,477 34,413 54,890
Gen Z 6,948 4,156 11,104 2,034 1,633 3,667
Amount 30,477 47,262 77,739 28,324 46,411 74,735
Number of Employees by Service Period
Table of Number of Employees by Period of Service (in units of people)
2023 2022
Service Period
Women Men Total Women Men Total
<3 11,862 10,312 22,174 8,006 8,133 16,139
3–5 4,060 6,398 10,458 5,226 7,009 12,235
6 – 10 7,988 18,633 26,621 8,516 19,643 28,159
11 – 15 1,340 3,721 5,061 925 2,700 3,625
16 – 20 2,284 3,621 5,905 2,626 4,157 6,783
21 – 25 957 1,785 2,742 999 1,959 2,958
26 – 30 1,192 1,923 3,115 1,053 1,571 2,624
> 30 869 794 1,663 973 1,239 2,212
Amount 30,477 47,262 77,739 28,324 46,411 74,735
Main and
Controlling Shareholders
BRI’s Major and Controlling Shareholder was the Government Government of the Republic of
of the Republic of Indonesia through a portion of ownership of Indonesia
(53.19%)
53.19% including Series A Dwiwarna shares. Thus, there were no
individual controlling shareholders either directly or indirectly.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Shareholder’s
Composition
Shareholder composition is presented as follows:
Table of BRI Shareholder Composition as of January 1, 2023
Shareholder Classification Number of Shareholders Number of Shares (shares) Ownership
Republic of Indonesia 1 80,610,976,876 53,19%
Public 343,335 70,948,024,728 46,81%
National Investor 340,822 16,788,947,722 11,08%
Individual 334,173 2,957,104,958 1,95%
Employee 5,677 17,554,870 0,01%
Regional government 1 1,590,000 0,00%
Bank 5 574,143,452 0,38%
Coorperative 15 5,499,904,523 3,63%
Foundatuion 36 310,006,083 0,20%
Pension Fund 134 1,639,299,706 1,08%
Insurance 172 2,984,495,074 1,97%
Limited company 276 178,668,823 0,12%
Mutual Fund 332 2,626,166,733 1,73%
Government coorporation 1 13,500 0,00%
Foreign Investor 2,513 54,159,077,006 35,73%
Individual 276 38,136,330 0,03%
Foreign corporation 2,237 54,120,940,676 35,71%
Total 343,336 151,559,001,604 100%
Table of BRI Shareholder Composition as of December 31, 2023
Shareholder Classification Number of Shareholders Number of Shares (shares) Ownership
Republic of Indonesia 1 80,610,976,876 53,19%
Public 331,957 70,948,024,728 46,81%
National Investor 329,185 15,538,643,828 10,25%
Individual 322,718 2,798,628,116 1,85%
Employee 5,448 17,283,092 0,01%
Regional government 1 1,590,000 0,00%
Bank 8 838,354,851 0,55%
Coorperative 16 5,503,290,123 3,63%
Foundatuion 42 264,200,118 0,17%
Pension Fund 139 1,828,768,004 1,21%
Insurance 185 2,143,287,956 1,41%
Limited company 312 152,925,873 0,10%
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
Shareholder Classification Number of Shareholders Number of Shares (shares) Ownership
Mutual Fund 316 1,990,315,695 1,31%
Government coorporation 0 0 0,00%
Foreign Investor 2,772 55,409,380,900 36,56%
Individual 369 38,489,189 0,03%
Foreign corporation 2,403 55,370,891,711 36,53%
Total 331,958 151,559,001,604 100%
The 20 Largest Shareholders’ Composition
Table of Composition of BRI’s 20 Largest Shareholders as of Januari 1, 2023
No, Investor Name Status Number of Shares (shares) Ownership
1, NEGARA REPUBLIK INDONESIA Republic of Indonesia 80,610,976,876 53,19%
2, INDONESIA INVESTMENT AUTHORITY Coorperative 5,498,021,834 3,63%
3, CITIBANK SINGAPORE S/A GOVERNMENT OF SINGAPORE Foreign Corporation 1,926,254,135 1,27%
4, JPMSE LUX RE UCITS CLT RE-JPMORGAN FUNDS Foreign Corporation 1,146,412,800 0,76%
JPMCB NA RE - VANGUARD EMERGING MARKETSSTOCK INDEX
5, Foreign Corporation 925,531,660 0,61%
FUND
JPMCB NA RE-VANGUARD TOTAL INTERNATIONALSTOCK INDEX
6, Foreign Corporation 919,373,647 0,61%
FUND
JPMSE AMS RE AIF CLT RE-STICHTING DEPOSITARY APG
7, Foreign Corporation 915,458,290 0,60%
EMERGING MARKETS EQUITY POOL
THE NT TST CO S/A FIDELITY INVESTMENT TRUST: FIDELITY
8, Foreign Corporation 744,588,939 0,49%
SERIES EMERGING MARKETS OP
9, DJS KETENAGAKERJAAN PROGRAM JHT Pension Fund 715,513,114 0,47%
10, STATE STREET BANK-ISHARES CORE MSCI EMERGING MARKETS ETF Foreign Corporation 584,652,995 0,39%
11, BNYMSANV RE BNYM RE PEOPLE'S BANK OF CHINA-2039845393 Foreign Corporation 573,267,855 0,38%
12, JPMCB NA RE-JPMORGAN EMERGING MARKETS EQUITY FUND Foreign Corporation 545,403,771 0,36%
13, PT, PRUDENTIAL LIFE ASSURANCE - REF Insurance 499,690,492 0,33%
14, THE NORTHERN TRUST CO S/A CANTILLON FUNDS PLC Foreign Corporation 493,401,169 0,33%
15, CITIBANK NA-BANK RAKYAT INDONESIA Foreign Corporation 492,113,500 0,32%
16, CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 1 Foreign Corporation 481,357,646 0,32%
JPMCB NA RE - BLACKROCK INST TR CO N A INVESTMENT FDS
17, Foreign Corporation 477,243,527 0,31%
FOR EMPLOYEE BENEFIT TRUST
BNYM RE BNYMLB RE EMPLOYEES
18, Foreign Corporation 464,428,883 0,31%
PROVIDENTFDBOARD-2039927326
PT, AXA MANDIRI FINANCIAL SERVICES S/A MANDIRI DYNAMIC
19, Insurance 438,347,040 0,29%
EQUITY MONEY RUPIAH
JPMCB NA RE-VANGUARD FIDUCIARY TRUST COMPANY
20, Foreign Corporation 415,683,909 0,27%
INSTITUTIONAL TOTAL INTERNATIONAL S
Table of Composition of BRI’s 20 Largest Shareholders as of December 31, 2023
No, Investor Name Status Number of Shares (shares) Ownership
1, NEGARA REPUBLIK INDONESIA Republic of Indonesia 80,610,976,876 53,19%
2, INDONESIA INVESTMENT AUTHORITY Coorperative 5,498,021,834 3,63%
PT Bank Rakyat Indonesia (Persero) Tbk.
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No, Investor Name Status Number of Shares (shares) Ownership
3, CITIBANK SINGAPORE S/A GOVERNMENT OF SINGAPORE Foreign Corporation 2,407,129,136 1,59%
BNYM RE BNYMLB RE EMPLOYEES PROVIDENTFD
4, Foreign Corporation 1,023,446,958 0,68%
BOARD-2039927326
JPMCB NA RE-VANGUARD TOTAL INTERNATIONAL STOCK
5, Foreign Corporation 954,975,447 0,63%
INDEX FUND
JPMCB NA RE - VANGUARD EMERGING MARKETS STOCK INDEX
6, Foreign Corporation 948,514,960 0,63%
FUND
7, JPMSE LUX RE UCITS CLT RE-JPMORGAN FUNDS Foreign Corporation 937,262,700 0,62%
JPMSE AMS RE AIF CLT RE-STICHTING DEPOSITARY APG
8, Foreign Corporation 777,845,432 0,51%
EMERGING MARKETS EQUITY POOL
9, DJS KETENAGAKERJAAN PROGRAM JHT Pension Fund 722,513,114 0,48%
THE NT TST CO S/A FIDELITY INVESTMENT TRUST: FIDELITY
10, Foreign Corporation 623,075,239 0,41%
SERIES EMERGING MARKETS OPPORTUNITIES FUND
STATE STREET BANK-ISHARES CORE MSCI EMERGING MARKETS
11, Foreign Corporation 623,014,195 0,41%
ETF
12, BNYMSANV RE BNYM RE PEOPLE'S BANK OF CHINA Foreign Corporation 580,034,955 0,38%
13, CITIBANK NEW YORK S/A GOVERNMENT OF NORWAY - 1 Foreign Corporation 504,559,046 0,33%
14, CITIBANK NA-BANK RAKYAT INDONESIA Foreign Corporation 497,384,200 0,33%
15, THE NORTHERN TRUST CO S/A CANTILLON FUNDS PLC Foreign Corporation 494,963,577 0,33%
16, JP MORGAN SECURITIES PLC Foreign Corporation 468,248,893 0,31%
JPMCB NA RE-VANGUARD FIDUCIARY TRUST COMPANY
17, Foreign Corporation 455,954,209 0,30%
INSTITUTIONAL TOTAL INTERNATIONAL STOCK MARKET IT II
JPMCB NA RE - BLACKROCK INST TR CO N A INVESTMENT FDS
18, Foreign Corporation 441,871,732 0,29%
FOR EMPLOYEE BENEFIT TRUSTS
19, JPMCB NA RE-JPMORGAN EMERGING MARKETS EQUITY FUND Foreign Corporation 408,730,371 0,27%
20, BNYM RE BNYMLB RE BA GIFF POSITIVE CH FD-2039926720 Foreign Corporation 391,488,358 0,26%
Composition of Shares Ownership of 5% or More
Table of Shareholder Composition of 5% or More BRI as of January 1, 2023
Investor Name Number of Shareholders Number of Shares (shares) Ownership
Republic of Indonesia 1 80,610,976,876 53.19%
Table of Shareholder Composition of 5% or More BRI as of December 31, 2023
Investor Name Number of Shareholders Number of Shares (shares) Ownership
Negara Republik Indonesia 1 80,610,976,876 53.19%
Community Shareholders’ Group Composition Holding Less than 5% of Shares
Table of Shareholders Composition Less than 5% of BRI as of Januari 1, 2023
Public Share Ownership Number of Shareholders Number of Shares (shares) Ownership
National Investor
Individual 334,173 2,957,104,958 1.95%
Employee 5,677 17,554,870 0.01%
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
Public Share Ownership Number of Shareholders Number of Shares (shares) Ownership
Regional governmen 1 1,590,000 0.00%
Bank 5 574,143,452 0.38%
Cooperative 15 5,499,904,523 3.63%
Foundation 36 310,006,083 0.20%
Pension Fund 134 1,639,299,706 1.08%
Insurance 172 2,984,495,074 1.97%
Limited company 276 178,668,823 0.12%
Mutual Fund 332 2,626,166,733 1.73%
Government coorporation 1 13,500 0.00%
Sub Total 340,822 16,788,947,722 11.08%
Foreign Investor
Individual 276 38,136,330 0.03%
Foreign corporation 2,237 54,120,940,676 35.71%
Sub Total 2,513 54,159,077,006 35.73%
Total 343,335 70,948,024,728 46.81%
Table of Shareholders Composition Less than 5% of BRI as of December 31, 2023
Public Share Ownership Number of Shareholders Number of Shares (shares) Ownership
National Investor
Individual 322.718 2.798.628.116 1.85%
Employee 5.448 17.283.092 0.01%
Regional governmen 1 1.590.000 0.00%
Bank 8 838.354.851 0.55%
Cooperative 16 5.503.290.123 3.63%
Foundation 42 264.200.118 0.17%
Pension Fund 139 1.828.768.004 1.21%
Insurance 185 2.143.287.956 1.41%
Limited company 312 152.925.873 0.10%
Mutual Fund 316 1.990.315.695 1.31%
Government coorporation 0 0 0.00%
Sub Total 329.185 15.538.643.828 10.25%
Foreign Investor
Individual 369 38.489.189 0.03%
Foreign corporation 2.403 55.370.891.711 36.53%
Sub Total 2.772 55.409.380.900 36.56%
Total 331.957 70.948.024.728 46.81%
PT Bank Rakyat Indonesia (Persero) Tbk.
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Board of Commissioners’ and Directors’ Shareholding
Table of Share Ownership of the Board of Commissioners and Board of Directors of BRI as of January 1, 2023
Name Position Number of Shares (shares) Ownership
Board of Director
Sunarso President Director 2,398,156 0.00158%
Catur Budi Harto Vice President Director 1,344,957 0.00089%
Supari Director of Micro Business 2,423,114 0.00160%
Amam Sukriyanto Director of Small & Medium Business 1,010,154 0.00067%
Handayani Director of Consumer 2,958,600 0.00195%
Agus Winardono Director of Human Capital 982,681 0.00065%
Viviana Dyah Ayu Retno Director of Finance 996,200 0.00066%
Andrijanto Director of Network and Service 734,200 0.00048%
Agus Sudiarto Director of Risk Management 1,250,800 0.00083%
Agus Noorsanto Director of Wholesale & Institutional 1,401,041 0.00092%
Arga M, Nugraha Director of Digital & Information Technology 847,185 0.00056%
Ahmad Solichin Lutfiyanto Director of Compliance 3,120,870 0.00206%
Board of Commissioner
Kartika Wirjoatmodjo President Commissioner 442,800 0.00029%
Vice President Commissioner/
Rofikoh Rokhim - 0.00000%
Independent Commissioner
Heri Sunaryadi Independent Commissioner - 0.00000%
Rabbin Indrajad Hattari Commissioner 398,400 0.00026%
Paripurna Poerwoko Sugarda Independent Commissioner - 0.00000%
Hendrikus Ivo Independent Commissioner - 0.00000%
Nurmaria Sarosa Independent Commissioner - 0.00000%
Dwi Ria Latifa Independent Commissioner - 0.00000%
Agus Riswanto Independent Commissioner - 0.00000%
Hadiyanto* Commissioner 1,048,700 0.00069%
*
Stop serving since March 13, 2023
Table of Share Ownership of the Board of Commissioners and Board of Directors of BRI as of December 31, 2022
Name Position Number of Shares (shares) Ownership
Board of Director
Sunarso President Director 3,234,856 0.00213%
Catur Budi Harto Vice President Director 1,839,057 0.00121%
Supari Director of Micro Business 2,890,914 0.00191%
Amam Sukriyanto Director of Small & Medium Business 1,526,754 0.00101%
Handayani Director of Consumer 3,425,200 0.00226%
Agus Winardono Director of Human Capital 1,503,481 0.00099%
Viviana Dyah Ayu Retno Director of Finance 1,512,800 0.00100%
Andrijanto Director of Network and Service 1,123,000 0.00074%
Agus Sudiarto Director of Risk Management 1,717,400 0.00113%
PT Bank Rakyat Indonesia (Persero) Tbk.
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Company
Profile
Name Position Number of Shares (shares) Ownership
Agus Noorsanto Director of Wholesale & Institutional 2,071,941 0.00137%
Arga M, Nugraha Director of Digital & Information Technology 1,313,785 0.00087%
Ahmad Solichin Lutfiyanto Director of Compliance 3,587,470 0.00237%
Board of Commissioner
Kartika Wirjoatmodjo President Commissioner 689,800 0.00046%
Rofikoh Rokhim President Commissioner - -
Heri Sunaryadi President Commissioner - -
Rabbin Indrajad Hattari Commissioner 620,700 0.00041%
Paripurna Poerwoko Sugarda President Commissioner - -
Hendrikus Ivo President Commissioner - -
Nurmaria Sarosa President Commissioner - -
Dwi Ria Latifa President Commissioner - -
Agus Riswanto President Commissioner - -
Awan Nurmawan Nuh Commissioner - -
As of December 31, 2023, the Board of Commissioners and Directors of BRI did not have indirect share ownership,
Senior Management Shares Ownership
Table of Senior Management Shares Ownership
Name Number of Shares (shares) Persentase (%)
Harsya Wardhana Prasetyo 744,500 0.0004912
Aestika Oryza Gunarto 128,100 0.0000845
Achmad Royadi 928,072 0.0006124
Triswahju Herlina 686,500 0.000453
Muhammad Candra Utama 1,263,128 0.0008334
I Nyoman Sugiri Yasa 803,684 0.0005303
Steven Augustino Y 28,500 0.0000188
As of December 31, 2023, BRI Senior Management does not have direct or indirect share ownership,
Classification of Shareholders
Table of BRI Shareholder Classification as of December 31, 2023
Shareholder Classification Number of Shareholders Number of Shares (shares) Ownership
Local Institution 1,020 93,333,709,496 61.58%
Foreign Institution 2,403 55,370,891,711 36.53%
Local Individual 328,166 2,815,911,208 1.86%
Foreign Individual 369 38,489,189 0.03%
Total 331,958 151,559,001,604 100.00%
PT Bank Rakyat Indonesia (Persero) Tbk.
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List of Subsidiaries, Associated Entities, and
Joint Venture Companies
Subsidiaries
Independent Commissioner PT Bank Raya Indonesia Tbk (Raya)*
Business Lines National Private Commercial Bank
BRI Participation Date March 3, 2011
Total assets IDR12,492,372 million
Ownership (%) 86.85%
Commencing Operation, Status September 27, 1989/ Still Operating
Menara BRIliaN, Jl. Jend. Gatot Subroto No. 177A, Tebet, Jakarta Selatan 12870
Telp : (021) 50931300
Address Faks : (021) 50931494
Email : humas@bankraya.co.id
Web : www.bankraya.co.id
Board of Commissioners
M. Sidik Heruwibowo President Commissioner
Eko B. Supriyanto Independent Commissioner
Company Manager
Johanes Kuntjoro Adi S.** Independent Commissioner
Retno Wahyuni Wijayanti Independent Commissioner
Achmad F.C. Barir Commissioner
Board of Directors
Ida Bagus Ketut Subagia President Director
Bhimo Wikan Hantoro Director
Rustarti Suri Pertiwi Director
Danar Widyantoro Director
Dedy Hendrianto Director
*Previously named PT Bank Rakyat Indonesia Agroniaga Tbk (BRI Agro)
** Waiting for Fit & Proper
PT Bank Rakyat Indonesia (Persero) Tbk.
146 2023 Annual Report
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Company
Profile
Company Name BRI Global Financial Services Co. Ltd. (BRI Global Financial Services)*
Business Lines Remittance Company
BRI Participation Date December 16, 2011
Total assets IDR24,232 million
Ownership (%) 100.00%
Commencing Operation, Status April 7, 2005/Still Operating
Park Avenue Tower, Floor 12, Unit 12B, 5 Moreton Terrace, Causeway Bay, Hongkong
Telp : (852) 35902875, (852) 34622810, (852) 34622684
WA Call Center (official) (852) 5185 6683
Address
Faks : -
Email : info@brchk.com, brc.support@brchk.com
Web : www.brchk.com
Executive Management
Company Manager Wisnu Rimba Pratama Non-Executive Director
Executive Director
*As of October 30, 2023, BRI Remittance Co. Ltd. changed its name to BRI Global Financial Services
Company Name PT Asuransi BRI Life (BRI Life)
Business Lines Life Insurance Company
BRI Participation Date December 29, 2015
Total assets IDR23,678,043 million
Ownership (%) 54.77%
Commencing Operation, Status October 28, 1987/Still Operating
Graha Irama
Jl. H. R. Rasuna Said Blok X-1 Kav. 1 & 2, Jakarta
Telp : (021) 526-1260, 526-1261
Address
Faks : -
Email : cs@brilife.co.id
Web : www.brilife.co.id
Board of Commissioners
Muhammad Syafri Rozi President Commissioner
Lau Soon Liang* Commissioner
Hari Siaga Amijarso Independent Commissioner
Ubaidillah Nugraha Independent Commissioner
Eko Wahyudi Independent Commissioner
Board of Director
Company Manager I Dewa Gede Agung Director
Yosie William Iroth Director
Sutadi Director
Lim Chet Ming Director
Sharia Supervisory Board
KH. DR.Mohamad Hidayat, MBA, MH Chairman
M Ir. H. Agus Haryadi.AAAIJ, FIIS Member
Member
* Waiting for Fit & Proper
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 147
Page 150
Company Name PT BRI Multifinance Indonesia (BRI Finance)
Business Lines Financing Company
BRI Participation Date December 7, 1983
Total assets IDR9,057,071 million
Ownership (%) 99.88%
Commencing Operation, Status December 7, 1983/Still Operating
Menara BRILiaN Lantai 1, 21 dan 22
Jl. Gatot Subroto No. 177A Kav. 64, Menteng, Tebet, Jakarta Selatan 12870
Telp : (021) 574 5333
Address
Faks : -
Email : -
Web : www.brifinance.co.id
Board of Commissioners
Sigit Murtiyoso President Commissioner
Dhoni Ramadi Commissioner
Diah Defawati Ande * Independent Commissioner
Company Manager Board of Director
Wahyudi Darmawan* President Director
Primartono Gunawan Director
Ari Prayuwana Director
Willy Halim Sugiarda Director
* Waiting for Fit & Proper
Company Name PT BRI Danareksa Sekuritas (BRI DS)
Business Lines Securities Companies in the field of Underwriters and Broker-Dealers
BRI Participation Date December 21, 2018
Total assets IDR1,059,172 million
Ownership (%) 67.00%
Commencing Operation, Status July 1, 1992/Still Operating
Gedung BRI II Lt. 23
Jl. Jenderal Sudirman Kav. 44-46 Jakarta 10210
Telp : (021) 50914100, (021) 1500688
Address
Faks : -
Email : callcenter@bridanareksasekuritas.co.id
Web : www.BRIDanareksasekuritas.co.id
Board of Commissioners
Achmad Royadi Commissioner
R. Muhammad Irwan Independent Commissioner
Donsuwan Simatupang Independent Commissioner
Company Manager Board of Director
Laksono Widito President Director
Fifi Virgantria Director
Hendra Hermawan Director
Kevin Praharyawan Director
PT Bank Rakyat Indonesia (Persero) Tbk.
148 2023 Annual Report
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Company
Profile
Company Name PT BRI Ventura Investama (BRI Ventures)
Business Lines Venture Capital Company
BRI Participation Date December 20, 2018
Total assets IDR2,672,050 million
Ownership (%) 99.97%
Commencing Operation, Status Januari 22, 1998/Still Operating
District 8 Office, Prosperity Tower Lt. 16 Unit F, SCBD Lot 28
Jl. Jend Sudirman Kav 52-53 Senayan Kebayoran Baru Jakarta 12190
Telp : (021) 5092 8500
Address
Faks : -
Email : -
Web : www.briventures.id
Board of Commissioners
Ety Yuniarti President Commissioner
Henri* Independent Commissioner
Agoosh Yoosran Independent Commissioner
Company Manager
Board of Director
Nicko Widjaja President Director
Indra Bayu Gunawan Director
Markus Liman Rahardja Director
* Waiting for Fit & Proper
Company Name PT BRI Asuransi Indonesia (BRI Insurance)
Business Lines General Insurance Company
BRI Participation Date September 26, 2019
Total assets IDR6,465,609 million
Ownership (%) 90.00%
Commencing Operation, Status April 17, 1989/Still Operating
Graha BRI Insurance
Jl. Mampang Prapatan Raya No. 18 Jakarta Selatan 12790
Telp : (021) 791 70477/78
Address
Faks : -
Email : info@work.brins.co.id
Web : www.brins.co.id
Board of Commissioners
Kris Hananto President Commissioner
Ayahanita K Independent Commissioner
Board of Director
Rahmat Budi Legowo President Director
Company Manager Sony Harsono W.S. Director
Heri Supriyadi Director
Ade Zulfikar Director
Sharia Supervisory Board
Hj. Nilmayetty Yusri Chairman
Abdul Ghoni Member
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 149
Page 152
Company Name PT Pegadaian
Business Lines Pawn Company
BRI Participation Date September 13, 2021
Total assets IDR82,151,803 million
Ownership (%) 99.99%
Commencing Operation, Status April 1,1901/Still Operating
Jl. Kramat Raya No.162, Kenari Senen, Jakarta Pusat
Telp : (021) 3155550
Address Faks : (021) 80635162
Email : -
Web : www.pegadaian.co.id
Board of Commissioners
Loto Srinaita Ginting President Commissioner
Umiyatun Hayati T. Commissioner
Sudarto Commissioner
Makmur Keliat Independent Commissioner
Rini Widyantini Commissioner
Nezar Patria Independent Commissioner
Yudi Priambodo P. Independent Commissioner
Board of Director
Damar Latri Setiawan President Director
Company Manager
Elvi Rofiqotul Hidayah Director
Eka Pebriansyah Director
Teguh Wahyono Director
E.R.A Taufiq Director
Ferdian Timur Satyagraha Director
Gunawan Sulistyo Director
Udin Salahudin Director
Sharia Supervisory Board
Muhammad Cholil Nafis Chairman
Muhammad Asrorun Ni’am Sholeh Member
PT Bank Rakyat Indonesia (Persero) Tbk.
150 2023 Annual Report
Page 153
Company
Profile
Company Name PT Permodalan Nasional Madani (PNM)
Business Lines Financing Company
BRI Participation Date September 13, 2021
Total assets IDR51,106,905 million
Ownership (%) 99.99%
Commencing Operation, Status Juni 1, 1999/Still Operating
Menara PNM - Kuningan Center
Jl. Kuningan Mulia Karet Kuningan Jakarta 12940
Telp : (021) 2511404
Address
Faks : -
Email : info@pnm.co.id
Web : www.pnm.co.id
Board of Commissioners
Arif Rahman Hakim President Commissioner
Nurhaida Independent Commissioner
Veronica Colondam Independent Commissioner
Parman Nataatmadja Commissioner
Iwan Taufiq Purwanto Commissioner
Company Manager Board of Director
Arief Mulyadi President Director
Prasetya Sayekti Director
Sunar Basuki Director
Sharia Supervisory Board
Didin Hafidhuddin Chairman of the Sharia Supervisory Board
Muhammad Syafii Antonio Member of the Sharia Supervisory Board
Company Name PT BRI Manajemen Investasi (BRI MI)
Business Lines Securities Company in Investment Manager
BRI Participation Date December 20, 2018
Total assets IDR288,820 million
Ownership (%) 65.00%
Commencing Operation, Status October 9, 1992/Still Operating
Gedung BRI II Lantai 22
Jl. Jenderal Sudirman Kav. 44-46 Jakarta 10210
Telp : (021) 29555789
Address
Faks : (021) 25198 003
Email : cs@danareksainvestment.co.id
Web : www.danareksainvestment.co.id
Board of Commissioners
Tri Hartono President Commissioner
Kahlil Rowter Independent Commissioner
Company Manager
Board of Director
Ira Irmalia Sjam Director
Upik Susiyawati Director
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 151
Page 154
Associate Company
Company Name PT Bahana Artha Ventura (BAV)
Business Lines Venture Capital Company
BRI Participation Date November 21, 2017
Total assets IDR1,642,983 million
Ownership (%) 15.10%
Commencing Operation, Status August 5,1992/Still Operating
Wisma Prima Lantai 5
Jl. Kapten P. Tendean No. 34, Jakarta Selatan 12790
Telp : (021) 79182688
Address
Faks : (021) 7918 2687
Email : -
Web : www.bahanaventura.com
Company Name PT Kustodian Sentral Efek Indonesia (KSEI)
Business Lines Securities Settlement Institute
BRI Participation Date December 5, 1997
Total assets IDR3,725,101 million
Ownership (%) 3.00%
Commencing Operation, Status November 11, 1998,/ Still Operating
Gedung Bursa Efek Jakarta Tower I, 5th Floor
JL. Jend Sudirman Kav. 52-53, Jakarta 12190
Telp : (021) 5152855
Address
Faks : (021) 5299 1199
Email : helpdesk@ksei.co.id
Web : www.ksei.co.id
Company Name PT Pemeringkat Efek Indonesia (Pefindo)
Business Lines Securities Rating Company
BRI Participation Date June 15, 1995
Total assets
Ownership (%) 0.18%
Commencing Operation, Status December 21, 1993/ Still Operating
Panin Tower Senayan City, 17th Floor
Jl. Asia Afrika Lot. 19, Gelora, Jakarta 12220
Telp : (021) 50968469
Address
Faks : (021) 50968468
Email : corporate.secretary@pefindo.co.id
Web : www.pefindo.com
PT Bank Rakyat Indonesia (Persero) Tbk.
152 2023 Annual Report
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Company
Profile
Company Name PT Bank Syariah Indonesia Tbk. (BSI)
Business Lines Sharia Commercial Bank
BRI Participation Date December 19, 2007
Total assets IDR326,852,260 million
Ownership (%) 15.38%
October 16, 2008/ Still Operating
Commencing Operation, Status
Note: As of February 1, 2021, Effectively joining Bank Syariah Mandiri and BNI Syariah to become Bank Syariah
Indonesia (BSI)
Kantor Pusat Gedung The Tower
Jl. Gatot Subroto No. 27 Kelurahan Karet Semanggi, Kecamatan Setiabudi, Jakarta Selatan 12930
Telp : BSI Call – 14040
Address
Faks : -
Email : contactus@bankbsi.co.id
Web : www.bankbsi.co.id
Joint Venture Company
As of December 31, 2023, BRI did not have a Joint Venture Company.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 153
Page 156
Company Group
Structure
Public* Republic of Indonesia
46.81% 53.19%
PT Bank Raya Indonesia Tbk PT BRI Multifinance
(Raya) Indonesia
86.85% 99.88%
Subsidiaries Subsidiaries
PT Asuransi BRI Life PT BRI Ventura Investama
54.77% 99.97%
Subsidiaries Subsidiaries
PT BRI Danareksa Sekuritas PT BRI Asuransi Indonesia
67.00% 90.00%
Subsidiaries Subsidiaries
BRI Global Financial Services PT Pegadaian
100.00% 99.99%
Subsidiaries Subsidiaries
PT Pemodalan Nasional
PT BRI Manajemen Investasi Madani
65.00% 99.99%
Subsidiaries
Subsidiaries
Associate Company
PT Bank Syariah PT Bahana Artha PT Kustodian Sentral PT Pemeringkat Efek
Indonesia Tbk Ventura Efek Indonesia Indonesia
15.38% 15.10% 3.00% 0.18%
Associate Company Associate Company Associate Company Associate Company
* Includes treasury stock of 0.51%
Until 2023, BRI does not have a Parent Entity, Joint Venture and Special Purpose Vehicle (SPV).
PT Bank Rakyat Indonesia (Persero) Tbk.
154 2023 Annual Report
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Company
Profile
Bank Business
Group Information
BRI has 10 (ten) Subsidiaries, which is BRI’s ownership in the Subsidiaries is more than 50%. BRI as the majority shareholder has the right
to nominate members of the Board of Directors and Board of Commissioners of Subsidiaries, with details as follows:
No Name of Company Nomination Rights
1. PT Bank Raya Indonesia Tbk. BRI has the right to nominate candidates for the Board of Directors and the Board of Commissioners.
Based on the Special Power of Attorney of the Minister of SOEs No. SKK – 87/ MBU/09/2021 dated
2. PT Pegadaian September 13, 2021, BRI may submit proposals for Board of Directors candidates and Board of
Commissioners candidates.
Based on the Special Power of Attorney of the Minister of SOEs No. SKK – 87/ MBU/09/2021 dated
3. PT Permodalan Nasional Madani September 13, 2021, BRI may submit proposals for Board of Directors candidates and Board of
Commissioners candidates.
Based on the PT Asuransi BRI Life Shareholders Agreement, BRI has the right to nominate the President
4. PT Asuransi BRI Life Director, Compliance & Legal Director and Marketing Director. Furthermore, BRI has the right to nominate
the President Commissioner and 2 (two) Independent Commissioners.
5. PT BRI Asuransi Indonesia BRI has the right to nominate for Board of Directors candidates and Board of Commissioners candidates.
Based on the Shareholder Agreement between BRI and PT Danareksa (Persero), BRI has the right
to nominate the President Director, Director of Operations, Finance & Risk Management and Director
6. PT BRI Danareksa Sekuritas
of Institutional & Retail Capital Market. Furthermore, BRI has the right to nominate the President
Commissioner and 1 (one) Independent Commissioner.
7. PT BRI Multifinance Indonesia BRI has the right to nominate for Board of Directors candidates and Board of Commissioners candidates.
8. PT BRI Ventura Investama BRI has the right to nominate for Board of Directors candidates and Board of Commissioners candidates.
9. BRI Global Financial Services BRI has the right to nominate for Executive Director candidates and Non Executive Director candidates.
Based on the Shareholders Agreement between BRI and PT BRI Manajemen Investasi BRI owned the right
10. PT BRI Manajemen Investasi to nominate the President Director, Director of Finance. Furthermore, BRI had the right to nominate a
President Commissioner and 1 (one) Independent Commissioner.
In relation to the composition of the Management of BRI’s Subsidiaries, there are 4 (four) Managers at BRI’s Subsidiaries who currently
also serve at BRI, namely as follows:
No Name of Company Name Position at BRI Position at Subsidiary Company
1. PT BRI Asuransi Indonesia Kris Hananto Division Head Compliance President Commissioner
2. PT BRI Ventura Investama Ety Yuniarti Division Head MPE President Commissioner
3. PT BRI Danareksa Sekuritas Achmad Royadi SEVP Treasury & Global Service President Commissioner
4. BRI Global Financial Services Wisnu Rimba Pratama Chief Representative Non - Executive Director
5. PT BRI Multifinance Indonesia Dhoni Ramadi Division Head Retail Payment Commissioner
6 PT BRI Manajemen Investasi Tri Hartono Division Head SJK President Commissioner
PT Bank Rakyat Indonesia (Persero) Tbk.
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Page 158
Stock Issuance
Chronology
2003 INITIAL PUBLIC OFFERING (IPO) 2004-2010 SHARE OWNERSHIP PROGRAM FOR MANAGEMENT
BRI exercised Initial Public Offering on 31 October 2003 with (MANAGEMENT STOCK OPTION PROGRAM)
a total of 3.811.765.000 Registered Ordinary Shares Series Based on the Extraordinary General Meeting of Shareholders’
B to domestic and foreign investors. The total shares was a decision on October 3. 2003. BRI’s shareholders approved the
divestment of 2.047.060.000 shares of the Republic of Indonesia stock purchase options for management or Management Stock
and 1.764.705.000 shares issued from the portfolio. Option Plan (MSOP). The number of shares issued in BRI’s MSOP
was 588.235.250. The implementation of the MSOP was carried
The initial public offering was in accordance with the effective out in three phases with the MSOP Phase I and II exercise periods
registration statement issued by Bapepam - now OJK (Letter of ended on November 9. 2008 and November 9. 2009. while the
Bapepam Chairman No. S-2646/ PM/2003) dated 31 October Phase III MSOP ended on November 9. 2010.
2003. The shares were offered at a nominal value of Rp500.00
per share. traded on 10 November 2003. with offering price of The three stages of MSOP refer to Bapepam-LK Regulation No.
IDR875.00 (Rp87.50 adjusted with stock split in 2011 and 2017) IX.D.4 and IDX Regulation No.1-A Lamp. JSE Board of Directors
and registered in Jakarta Stock Exchange (now Indonesia Stock Decree No. Kep.305/BEJ/07-2004 concerning Securities Listing.
Exchange). MSOP shares that have been exercised until the end of all MSOP
stages are 569.876.000 shares. Until the end of the exercise
Following the initial public offering. BRI issued two types of period. there were still 18.3 million non-exercised shares
shares: Golden Shares Series A and Ordinary Shares Series B. consisting of 4.3 million MSOP Phase I. 5.2 million MSOP Phase
Golden Shares Series A are issued and owned by the Republic of II and 8.8 million MSOP Phase III shares. With the end of the
Indonesia and are not transferable to any parties. MSOP exercise in 2010. the composition of government share
ownership changed from 59.07% in 2004 to 56.75% in 2010.
On 10 November 2003 BRI exercised oversubscription option of
381.176.000 Ordinary Shares Series B of the Republic of Indonesia
(divestment) and over-allotment option of 571.764.000 Ordinary
Shares Series B of the Republic of Indonesia (divestment) on 3
December 2003. The divestment was listed at the Jakarta Stock
Exchange (now Indonesia Stock Exchange).
2011 STOCK SPLIT 1:2
Based on the Bank’s Extraordinary General Meeting of Shareholders (“EGMS”) held on 24 November 2011. the shareholders have
approved to exercise a stock split from previously Rp500 per share to Rp 250 per share (Ratio 1:2). The share price prior to stock split on
10 January 2011 was Rp9.300.00 and changed to Rp4.800 at the closing of trading on 11 January 2011. With such stock split. the total
shares outstanding prior to the stock split was 12.334.581.000 shares and at the stock split was 24.669.162.000 shares as of 11 January
2011. There was no changes on the shares ownership composition by the Government or Public prior to and after the stock split.
Stock Split in 2011
Shareholders (Total Shares Outstanding)
Total Shares
Description Government Public Nominal
Outstanding
Number of (shares) % Number of (shares) % IDR
Before Stock Split 7,000,000,000 56.75 5,334,581,000 43.25 500 12,334,581,000
After Stock Split 14,000,000,000 56.75 10,669,162,000 43.25 250 24,669,162,000
PT Bank Rakyat Indonesia (Persero) Tbk.
156 2023 Annual Report
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Company
Profile
2015-2016 STOCK BUY-BACK
BRI exercised stock buyback during 3 months. from 12 October 2015 until 12 January 2016 with a total purchase of 221.718.000 shares
at an acquisition price of Rp2.419 trillion. The initial target of buyback was planned at Rp2.5 trillion provided that the number of BRI
shares buyback does not exceed 20% of the total paid-up capital and at least 7.5% of paid-up capital. Following the BRI’s IPO and
oversubscribed as well as allocated options. the Government of Republic of Indonesia holds 59.50% shares of BRI.
Stock Buy Back in 2015-2016
Total Number of shares Average Purchase Price Increase in Earnings per Share
221,718,000 shares Rp10,910/ shares Rp9.5/ shares
Note: before stock split 1:5
In performing the stock buyback and/or bonds. the Bank complies with the prevailing external regulations. among others:
- Law No. 40 of 2007 on Limited Liability Company.
- OJK Regulation No. 2/POJK.04/2013 on Stock Buyback by Issuers or Public Companies in Significantly Fluctuating Market Conditions.
- OJK Circular No. 22/SEOJK.04/2013 on Other Conditions as Significantly Fluctuating Market Conditions of Stock Buyback by Issuers
or Public Companies in Significantly Fluctuating Market Conditions.
- Bank Indonesia Regulation No. 15/12/DASP/2013 regarding the Procedures for the Auction of Government Securities in the Primary
Market and the Administration of Government Securities.
The source of buyback funds was the Bank’s internal cash and there was an assurance that the funds would not impact the Bank’s
financial condition required to finance its activities. All buy back transactions have been administered to the OJK on 13 January 2016.
The buyback shares are planned to be used the Management/Employee Share Ownership Program.
2017 STOCK SPLIT 1:5
Berdasarkan Pursuant to the Extraordinary General Meeting of Shareholders (“EGMS”) held on 18 October 2017. the shareholders
approved a stock split from IDR250 per shares previously to IDR50 per shares (Ratio 1:5). The share price prior to stock split on 9
November 2017 was IDR16.450 and were changed to IDR3.280 at the closing of trading on 10 November 2017. Thus. the total shares
outstanding prior to the stock split was 24.669.162.000 shares and at the stock split was 123.945.810.000 shares as of 10 November
2017. There were no changes on the shares’ ownership composition by the Government or Public prior to and after the stock split. The
shares listing chronology in relation with this corporate action are as follow:
Stock Split in 2017
Shareholders (Total Shares Outstanding)
Total Shares
Description Government Public Nominal
Outstanding
Number of (shares) % Number of (shares) % IDR
Before Stock Split 14,000,000,000 56.75 10,669,162,000 43.25 250 24,669,162,000
After Stock Split 70,000,000,000 56.75 53,345,810,000 43.25 50 123,345,810,000
2019 EMPLOYEE STOCK OPTION PROGRAM/ESOP
Pursuant to the GMS Resolution dated 23 March 2016. Agenda 5 stated the Approval of transfer of shares from shares buy-back that
recorded as treasury stock. which was carried out for the Management and Employee Stock Ownership Program as well as the power of
attorney and grant of authority to the Board of Commissioners to set such Program following the written approval of Shareholders series
A Dwiwarna. including by taking into account the Letter of SOE Ministry regarding the support on the implementation of BRI Employee
Stock Ownership Program (ESOP). in 2019 BRI has carried out the ESOP. The share ownership program in the form of an ESA which began
to be distributed in 2019 is a program for granting a number of Company shares to Participants according to the stipulated Grant and
Vesting requirements. During the 2019 period. the Company has delegated shares of the share ownership program in the form of Stage
1 ESA Allocation of approximately 143.000.000 shares to BRI Employees who meet the requirements. The use of stock treasury for ESOP
has been reported to the OJK on May 2019.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 157
Page 160
2020 EMPLOYEE STOCK OPTION PROGRAM/ESOP 2021 RIGHT ISSUE
In 2020. BRI implemented the distribution of the Employee On September 13. 2021 – September 22. 2021. PT Bank Rakyat
Stock Allocation (ESA) share ownership program with a total Indonesia (Persero) Tbk. conducted Rights Issue or Capital Increase
of 231.111.000 shares. consisting of ESA Phase 1 of 4.396.700 with Pre-emptive Rights (“PMHMETD”) I in the context of forming
shares and ESA Phase 2 of 226.714.300 shares. Ultra Micro Holding consisting of PT Pegadaian (Persero) and PT
Permodalan Nasional Madani (PNM) Persero. BRI offered a maximum
2020 BUYBACK of 28.213.191.604 new Series B shares with a par 0value of 50 IDR per
In 2020. BRI exercised a share buyback as a response to OJK’s share or a maximum of 18.62% of BRI’s issued and fully paid capital
policy in reducing market conditions that significantly fluctuate after PMHMETD I. Each previous holder of 1.000.000.000 BRI shares
due to the COVID-19 pandemic. The share buyback was carried whose names were registered in the DPS On September 9. 2021. BRI
out in stages over the period of 13 March 2020 to 12 June 2020. was entitled to 230.128.553 (HMETD) in which 1 (one) Preemptive
As of 12 June 2020. BRI had bought 16.400.000 shares (par value Rights had the right to purchase 1 New Share at an Exercise Price of
of Rp50 - in full Rupiah - per share) at an acquisition price of 3.400- IDR (three thousand four hundred Rupiah) per share. The total
Rp47.254.000.000 with an average buying price of Rp2.881.34. funds and inbreng results received by BRI in PMHMETD I reached
Currently. the remaining treasury stock was 750.463.500 shares. to IDR95.924.851.453.600. of which IDR54.770.595.614.000 came
from the Government of the Republic of Indonesia in the form of
inbreng (non-cash). and IDR41.154.255.839.600 from the public
(cash). BRI’s outstanding shares increased by 28.213.191.604 from
123.345.810.000 to 151.559.001.604 with a TERP of IDR3.810.
BRI Chronology of Issuance/Listing of Shares
Year Corporate Action Nominal Offer Price (IDR) Number of Shares Issued
2003 Initial Public Offering 500 875 3,811,765,000
2004 Exercise MSOP 500 - 85,385,500
2005 Exercise MSOP 500 - 185,610,000
2006 Exercise MSOP 500 - 250,721,000
2007 Exercise MSOP 500 - 31,379,000
2008 Exercise MSOP 500 - 7,499,000
2009 Exercise MSOP 500 1,750 4,553,000
2010 Exercise MSOP 500 - 4,728,500
2011 Stock Split 1:2 on January 11. 2011 250 - -
2015 250 - -
Stock Buy-Back of 221.718.000 shares
2016 250 - -
2017 Stock Split 1:5 on 10 November 2017 50 - -
2019 Exercise ESOP 143.415.500 50 2,240 -
2020 Exercise ESA 231.111.000 50 - -
2020 Stock Buy-Back of 16.400.000 shares 50 - -
Right Issue 50 3,400 28,213,191,604
2021
Transfer of Shares Owned by the Government to LPI 50 - -
2022 Stock Buy-Back of 479.454.100 shares 50 - -
Information:
- MSOP. ESOP and ESA do not have an offering price because the Company directly provides shares to entitled Workers in accordance with calculations. methods and assumptions
from competent third party reports.
- Stock Buy-Back does not have an offer price because the Company directly buys shares through a market mechanism.
PT Bank Rakyat Indonesia (Persero) Tbk.
158 2023 Annual Report
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Company
Profile
Implementation of Right Issue in 2021
Shareholders (Total Shares Outstanding)
Total Shares
Description Government Public Nominal
Outstanding
Number of (shares) % Number of (shares) % IDR
Before Stock Split 70,000,000,000 56.75 53,345,810,000 43.25 50 123,345,810,000
After Stock Split 86,108,998,710 56.82 65,450,002,894 43.18 50 151,559,001,604
SHARE BUYBACK (BUYBACK) 2022 - 2023
At the Annual General Meeting of Shareholders (AGMS) on March 1. 2022. BRI has obtained shareholder approval to carry out a Buyback
with a maximum value of IDR3 trillion carried out through the Indonesian Stock Exchange (BEI). either in stages or all at once and
completed no later than 18 months from the approval of the AGMS. namely March 1. 2022 to August 31. 2023. The shares resulting from
the Buyback will be used for the share ownership program for Employees and/or the Company’s Directors and Board of Commissioners.
The Company has completed the Buyback on January 26. 2023 of 647.385.900 shares with a total value of 2.999.999.915.000.
SHARE BUYBACK (BUYBACK) 2023 - 2024
At the Annual General Meeting of Shareholders (AGMS) on March 13. 2023. BRI has obtained shareholder approval to carry out a Buyback
with a maximum value of IDR1.5 trillion which will be carried out through the Indonesian Stock Exchange (BEI). either in stages or all at
once and completed no later than no later than 18 months from the approval of the AGMS. namely March 14. 2023 to September 14.
2024. The shares resulting from the Buyback will be used for the share ownership program for Employees and/or the Company’s Directors
and Board of Commissioners. Until the end of December 2023. the company has carried out a buyback of 118.833.600 shares with a total
value of IDR625.555.190.000.
Composition of Shareholders after Corporate Action
Capital Value Paid
Total Number of Shares
Late Period (IDR Government Public
Paid Up at End of Period
Million)
Number of shares % Number of shares %
11,764,705,000 5,882,353 7,000,000,000 59.50 4,764,705,000 40.50
11,850,090,500 5,925,045 7,000,000,000 59.07 4,850,090,500 40.93
12,035,700,500 6,017,850 7,000,000,000 58.16 5,035,700,500 41.84
12,286,421,500 6,143,211 7,000,000,000 56.97 5,286,421,500 43.03
12,317,800,500 6,158,900 7,000,000,000 56.83 5,317,800,500 43.17
12,325,299,500 6,162,650 7,000,000,000 56.79 5,325,299,500 43.21
12,329,852,500 6,164,926 7,000,000,000 56.77 5,329,852,500 43.23
12,334,581,000 6,167,291 7,000,000,000 56.75 5,334,581,000 43.25
24,669,162,000 6,167,291 14,000,000,000 56.75 10,669,162,000 43.25
24,669,162,000 6,167,291 14,000,000,000 56.75 10,669,162,000 43.25
24,669,162,000 6,167,291 14,000,000,000 56.75 10,669,162,000 43.25
123,345,810,000 6,167,291 70,000,000,000 56.75 53,345,810,000 43.25
123,345,810,000 6,167,291 70,000,000,000 56.75 53,345,810,000 43.25
123,345,810,000 6,167,291 70,000,000,000 56.75 53,345,810,000 43.25
123,345,810,000 6,167,291 70,000,000,000 56.75 53,345,810,000 43.25
151,559,001,604 7,577,950 86,108,998,710 56.82 65,450,002,894 43.18
151,559,001,604 7,577,950 80,610,976,876 53.19 70,948,024,728 46.81
151,559,001,604 7,577,950 80,610,976,876 53.19 70,948,024,728 46.81
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 159
Page 162
Chronology of Issuance
and/or Listing of Other Securities
Chronology of Issuance and/or Bond Issuance
Tabel Informasi Obligasi
Electronic
Bond Jumlah Obligasi
No. Description distribution
Tenor Currency
(Juta)
Bid price
date
September 25, 120
1. Subordinate Notes due 2003 USD USD150 -
2003 Months
120
2. BRI Bank Subordinated Bonds I Year 2004 January 09, 2004 IDR Rp500,000 -
Months
BRI Bank Subordinated Bonds II Year December 22, 60
3. IDR Rp2,000,000 -
2009 2009 Months
Shelf Registration Bonds I Bank BRI 370 100% of the principal
4. June 25, 2015 IDR Rp655,000
Phase I 2015 Series A Days amount of the bonds
Shelf Registration Bonds I Bank BRI 36 100% of the principal
5. June 25, 2015 IDR Rp925,000
Phase I 2015 Series B Months amount of the bonds
Shelf Registration Bonds I Bank BRI 60 100% of the principal
6. July 02, 2015 IDR Rp1,420,000
Phase I 2015 Series C Months amount of the bonds
Shelf Registration Bonds I Bank BRI 370 100% of the principal
7. January 19, 2016 IDR Rp808,000
Phase II Year 2016 Series A Days amount of the bonds
Shelf Registration Bonds I Bank BRI 36 100% of the principal
8. January 19, 2016 IDR Rp1,018,500
Phase II Year 2016 Series B Months amount of the bonds
Shelf Registration Bonds I Bank BRI 100% of the principal
9. February 04, 2016 5 years IDR Rp2,823,500
Phase II Year 2016 Series C amount of the bonds
Obligasi Berkelanjutan I Bank BRI Tahap 370 100% of the principal
10. May 04, 2016 IDR Rp1,212,000
III Tahun 2016 Seri A Days amount of the bonds
Continuous Bonds I Bank BRI Phase III 36 100% of the principal
11. May 04, 2016 IDR Rp2,437,000
2016 Series B Months amount of the bonds
Shelf Registration Bonds I Bank BRI 100% of the principal
12. May 25, 2016 5 years IDR Rp701,000
Phase III Year 2016 Series C amount of the bonds
Continuous Bonds II Bank BRI Phase I December 02, 370 100% of the principal
13. IDR Rp616,000
2016 Series A 2016 Days amount of the bonds
Continuous Bonds II Bank BRI Phase I December 02, 36 100% of the principal
14. IDR Rp964,000
2016 Series B 2016 Months amount of the bonds
Continuous Bonds II Bank BRI Phase I December 01, 100% of the principal
15. 5 years IDR Rp193,000
2016 Series C 2016 amount of the bonds
Continuous Bonds II Bank BRI Phase I December 01, 100% of the principal
16. 7 years IDR Rp477,000
2016 Series D 2016 amount of the bonds
Continuous Bonds II Bank BRI Phase I December 01, 100% of the principal
17. 10 years IDR Rp2,350,000
2016 Series E 2016 amount of the bonds
Continuous Bonds II Bank BRI Phase II 370 100% of the principal
18. April 12, 2017 IDR Rp1,131,000
2017 Series A Days amount of the bonds
Continuous Bonds II Bank BRI Phase II 36 100% of the principal
19. April 11, 2017 IDR Rp1,743,500
2017 Series B Months amount of the bonds
Continuous Bonds II Bank BRI Phase II 100% of the principal
20. April 11, 2017 5 years IDR Rp925,000
2017 Series C amount of the bonds
PT Bank Rakyat Indonesia (Persero) Tbk.
160 2023 Annual Report
Page 163
Company
Profile
Rating
Due date Interest Rate (%) Payment status Trustee
2023 2022
October 30, 2013 7.75% paid off - - -
January 09, 2014 13.5% paid off - - -
December 22, 2014 10.95% paid off - - -
Bank Negara
July 07, 2016 8.4% paid off - -
Indonesia
Bank Negara
July 03, 2018 9.2% paid off - -
Indonesia
Bank Negara
July 03, 2020 9.5% paid off - -
Indonesia
Bank Negara
February 08, 2017 8.5% paid off - -
Indonesia
Bank Negara
February 04, 2019 9.25% paid off - -
Indonesia
Bank Negara
February 04, 2021 9.60% paid off - -
Indonesia
Bank Negara
May 30, 2017 7.5% paid off - -
Indonesia
Bank Negara
May 25, 2019 8.2% paid off - -
Indonesia
Bank Negara
May 25, 2021 8.70% paid off - -
Indonesia
Bank Negara
December 06, 2017 7.25% paid off - -
Indonesia
Bank Negara
December 01, 2019 8% paid off - -
Indonesia
Bank Negara
December 01, 2021 8.20% paid off - -
Indonesia
Bank Negara
December 01, 2023 8.65% paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
December 01, 2026 8.90% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
April 16, 2018 7.2% paid off - -
Indonesia
Bank Negara
April 11, 2020 8.1% paid off - -
Indonesia
Bank Negara
April 11, 2022 8.30% paid off - AAA oleh Pefindo
id Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 161
Page 164
Electronic
Bond Jumlah Obligasi
No. Description distribution
Tenor Currency
(Juta)
Bid price
date
Continuous Bonds II Bank BRI Phase II 100% of the principal
21. April 12, 2017 10 Years IDR Rp1,300,500
2017 Series D amount of the bonds
Continuous Bonds II Bank BRI Phase III 36 100% of the principal
22. August 25, 2017 IDR Rp980,500
2017 Series A Months amount of the bonds
Continuous Bonds II Bank BRI Phase III 100% of the principal
23. August 25, 2017 5 Years IDR Rp1,652,500
2017 Series B amount of the bonds
Continuous Bonds II Bank BRI Phase III 100% of the principal
24. August 25, 2017 7 Years IDR Rp2,517,000
2017 Series C amount of the bonds
Continuous Bonds II Bank BRI Phase IV 100% of the principal
25. February 22, 2018 5 Years IDR Rp1,837,000
2018 Series A amount of the bonds
Continuous Bonds II Bank BRI Phase IV 100% of the principal
26. February 22, 2018 7 Years IDR Rp605,000
2018 Series B amount of the bonds
60 100% of the principal
27. Senior Notes due 2018 March 28, 2013 USD USD500
Years amount of the bonds
100% of the principal
28. BRI Bank Subordinated Bonds III 2018 June 27, 2018 5 Years IDR Rp500,000
amount of the bonds
Continuous Bonds III Bank BRI Phase I November 07, 370 100% of the principal
29. IDR Rp737,850
2019 Series A 2019 Days amount of the bonds
Continuous Bonds III Bank BRI Phase I November 07, 100% of the principal
30. 3 Years IDR Rp2,089,350
2019 Series B 2019 amount of the bonds
Continuous Bonds III Bank BRI Phase I November 07, 100% of the principal
31. 5 Years IDR Rp2,172,800
2019 Series C 2019 amount of the bonds
100% of the principal
32. Global Bond 2018 July 16, 2018 5 Years USD USD500
amount of the bonds
100% of the principal
33. Sustainable Bond 2019 March 28, 2019 5 Years USD USD500
amount of the bonds
Bank BRI Sustainable Bonds I Phase I 100% of the principal
34. July 20, 2022 370 Days IDR Rp2,500,000
Year 2022 Series A amount of the bonds
Bank BRI Sustainable Bonds I Phase I 100% of the principal
35. July 20, 2022 3 Years IDR Rp2,000,000
Year 2022 Series B amount of the bonds
Bank BRI Sustainable Bonds I Phase I 100% of the principal
36. July 20, 2022 5 Years IDR Rp500,000
Year 2022 Series C amount of the bonds
100% of the principal
37. BRI Bank Subordinated Bonds IV 2023 July 06, 2023 5 Years IDR Rp500,000
amount of the bonds
Bank BRI Sustainable Bonds I Phase II 100% of the principal
38. October 17, 2023 370 Days IDR Rp1,345,650
Year 2023 Series A amount of the bonds
Bank BRI Sustainable Bonds I Phase II 100% of the principal
39. October 17, 2023 2 Years IDR Rp4,154,350
Year 2023 Series B amount of the bonds
Bank BRI Sustainable Bonds I Phase II 100% of the principal
40. October 17, 2023 3 Years IDR Rp500,000
Year 2023 Series C amount of the bonds
PT Bank Rakyat Indonesia (Persero) Tbk.
162 2023 Annual Report
Page 165
Company
Profile
Rating
Due date Interest Rate (%) Payment status Trustee
2023 2022
Bank Negara
April 11, 2027 8.80% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
August 24, 2020 7.6% paid off - -
Indonesia
Bank Negara
August 24, 2022 8% paid off - AAA oleh Pefindo
id Indonesia
Bank Negara
August 24, 2024 8.25% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
February 21, 2023 6.65% paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
February 21, 2025 6.90% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
March 28, 2018 2.95% paid off - - BNY Mellon
Bank Negara
June 26, 2023 7.70% paid off AA oleh Pefindo AA oleh Pefindo
id id Indonesia
Bank Negara
November 17, 2020 6.5% paid off - -
Indonesia
Bank Negara
November 07, 2022 7.60% paid off - AAA oleh Pefindo
id Indonesia
Bank Negara
November 07, 2024 7.85% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
July 20, 2023 4.625% paid off BBB- oleh Fitch BBB- oleh Fitch BNY Mellon
"BBB- oleh Fitch "BBB- oleh Fitch
March 28, 2024 3.950% Not yet paid off Rating Baa2 oleh Rating Baa2 oleh BNY Mellon
Moodys” Moodys”
Bank Negara
July 30, 2022 3.70% paid off - AAA oleh Pefindo
id Indonesia
Bank Negara
July 20, 2024 5.75% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Negara
July 20, 2027 6.45% Not yet paid off AAA oleh Pefindo AAA oleh Pefindo
id id Indonesia
Bank Tabungan
July 06, 2028 6.45% Not yet paid off AA oleh Pefindo -
id Negara
Bank Tabungan
October 27, 2024 6.10% Not yet paid off AAA oleh Pefindo -
id Negara
Bank Tabungan
October 17, 2025 6.35% Not yet paid off AAA oleh Pefindo -
id Negara
Bank Tabungan
October 17, 2026 6.30% Not yet paid off AAA oleh Pefindo -
id Negara
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 163
Page 166
Chronology of Issuance and/or Recording of Negotiable Certificate Deposit (NCD)
Table of Information Issuance of Negotiable Certificate Deposit (NCD)
Interest
Publication Tenor Value Payment
Description date (month)
Currency
(million)
Due date Rate
status
(%)
Negotiable Certificate of
September 24, 5.35%
Deposit I BANK BRI TAHUN June 24, 2020 3 months IDR Rp630,000 Paid off
2020 (Diskonto)
2020 Seri A
Negotiable Certificate of
December 23, 5.30%
Deposit I BANK BRI TAHUN June 24, 2020 6 months IDR Rp520,000 Paid off
2020 (Diskonto)
2020 Seri B
Negotiable Certificate of
5.75%
Deposit I BANK BRI TAHUN June 24, 2020 12 months IDR Rp850,000 June 24, 2021 Paid off
(Diskonto)
2020 Seri C
Chronology of Issuance and/or Listing of Medium Term Notes (MTN)
Table of Information Issuance of Medium Term Notes (MTN)
Electronic
Interest
distribution Value Bid Due Payment
No. Description date of
Tenor Currency
(million) price date
Rate
Status
(%)
MTN
MTN BRI Tahap I Tahun October 10, 370 October 15,
1. IDR Rp300,000 - 8.75 Paid off
2014 Seri A 2014 days 2015
MTN BRI Tahap I Tahun October 10, 24 October 10,
2. IDR Rp60,000 - 9.25 Paid off
2014 Seri B 2014 months 2017
MTN BRI Tahap I Tahun October 10, 36 October 10,
3. IDR Rp360,000 - 9.50 Paid off
2014 Seri C 2014 months 2017
MTN BRI Tahap II December 24, 12 December 24,
4. IDR Rp520,000 - 8.90 Paid off
Tahun 2014 2014 months 2015
MTN BRI Tahap I Tahun September 16, 370 September
5. IDR Rp1,925,000 - 7.40 Paid off
2016 2016 days 21, 2017
100% of the
MTN Bank BRI Tahun November 24, principal November 24, Not yet paid
6. 2 years IDR Rp2,000,000 6.60%
2022 Seri A 2022 amount of 2024 off
the MTN
100% of the
MTN Bank BRI Tahun November 24, principal 24 November
7. 3 years IDR Rp3,000,000 6.98% Belum Lunas
2022 Seri B 2022 amount of 2025
the MTN
Chronology of Issuance and/or Recording of Long Term Notes (LTN)
Tabel Informasi Penerbitan Long Term Notes (LTN)
Electronic
Interest
distribution Value Bid Due Payment
No. Description date of
Tenor Currency
(million) price date
Rate
Status
(%)
MTN
Long Term Notes
yang Dilakukan Tanpa 100% of the
Melalui Penawaran December 27, 162 principal June 27, Not yet paid
1. IDR Rp52,332 0.55%
Umum PT Bank Rakyat 2022 months amount of the 2036 off
Indonesia (Persero) Tbk LTN
I Tahun 2022
PT Bank Rakyat Indonesia (Persero) Tbk.
164 2023 Annual Report
Page 167
Company
Profile
Electronic
Interest
distribution Value Bid Due Payment
No. Description date of
Tenor Currency
(million) price date
Rate
Status
(%)
MTN
Long Term Notes
yang Dilakukan Tanpa 100% of the
Melalui Penawaran October 25, principal January 25, Not yet paid
2. 159 IDR Rp59,485 0.55%
Umum PT Bank Rakyat 2023 amount of the 2037 off
Indonesia (Persero) Tbk LTN
II Tahun 2023
Information on Using The Services of Public Accounting (AP)
and Public Accounting Offices (KAP)
KAP Name Purwantono, Sungkoro & Surja
Association Network Ernst & Young Global Limited
KAP address Indonesia Stock Exchange Building, Tower 2, Lantai 7, Jl. Jend. Sudirman Kav. 52-53, Jakarta 12190, Indonesia
AP name Christophorus Alvin Kossim
KAP Assignment Period 8th year
AP Assignment Period 4th year
1. General audit of the Consolidated Financial Statements of the Company and Subsidiaries for the 2023 Financial
Year, including SA 600 - Special Considerations – Audit of Group Financial Reports for the Financial Audit Agency
(BPK).
Audit Services 2. Compliance with Legislation and Internal Control (PSA 62) 2023.
3. General audit of the Company’s Micro Small Enterprise Funding Program (PUMK) Financial Report for the 2023
Fiscal Year.
4. Limited Confidence Insurance on BRI Performance Evaluation Results Report, position December 31, 2023.
1. Agreed procedure for calculating the KPI achievements of the Board of Directors (collegial and individual), position
December 31, 2023.
2. Agreed procedures for data sent by BRI for the compilation of the Ministry of SOEs’ financial reports for the 2023
Non-Audit Services
financial year.
3. Agreed procedures for compliance with applicable regulations for funding micro and small businesses for the 2023
financial year (if necessary).
Total audit fee was IDR 15,922,000,000
Audit Fees
(Fees include OPE, 11% VAT and other taxes).
Total non-audit fee was IDR 950,000,000
Audit Fees
(Fees include OPE, 11% VAT and other taxes).
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 165
Page 168
Name and Address of
Supporting Institutions and/or Professionals
Securities Rating Agency
Panin Tower - Senayan City, 17th Floor
Jl. Asia Afrika Lot. 19 Jakarta 10270, Indonesia
Telp : (021) 7278 2380
Faks : (021) 7278 2370
Web : www.pefindo.com
PT Pemeringkat Efek Indonesia
Email : -
(Pefindo)
Services provided : Company Ratings, Rating of Bank BRI Sustainable Bonds Phase II 2023 and
Subordinated Bonds IV
Fee: Rp1,180,000,000
Prudential Tower 20th Floor
Jl. Jend Sudirman Kav. 79 Jakarta 12910, Indonesia
Telp : (021) 5795 7755
Fitch Ratings Indonesia
Faks : (021) 5795 7750
Web : www.fitchratings.co.id
Email : -
30 North Colonnade London E14 SGN United Kingdom
Telp : +44(0)20 3530 1000
Fitch Ratings International
Web : www.fitchratings.com
Email : lonaccounts.receivable@fitchratings.com
50 Raffles Place #23-06 Singapore Land Tower Singapore 048623
Telp : 65 6398 8339
Moody’s Investors Service Faks : 65 6398 8301
Web : www.moodys.com/indonesia
Email : clientservices@moodys.com
Singapore 12 Marina Boulevard 018982 Singapura
SnP Global Rating Head of Sales, Asia-Pacific
Telp : (0852) 2533-3522
Trade Information and Share Listing
Gedung Bursa Efek Indonesia, Tower 1
Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Telp : (021) 5150515
Faks : (021 5)154153
Web : www.idx.co.id
PT Bursa Efek Indonesia
Email : listing@idx.co.id
Services provided : Shares Bond Listing Service
Fee : Rp1,441,559,167
PT Bank Rakyat Indonesia (Persero) Tbk.
166 2023 Annual Report
Page 169
Company
Profile
Securities Administration Bureau
Jl. Hayam Wuruk No. 28, Jakarta 10120
Telp : (021) 3508077
Faks : (021) 350 8078
Web : www.datindo.com
PT Datindo Entrycom Email : dm@datindo.com
Services provided : AGMS Support Consultant Services (AGMS and Dividend Payment)
Fee : IDR1,727,000,000
Custodian
Gedung Bursa Efek Indonesia, Tower 1, Lantai 5
Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, Indonesia
Telp : (021) 5152855
Fax : (021) 52991199
Web : www.ksei.co.id
PT Kustodian Sentral Efek Indonesia Email : helpdesk@ksei.co.id
Services provided : Management of securities administration (shares and bonds) and Paying Agent
Fee : IDR135,974,998 (include PPN)
Paying Agent Fee : IDR453,358,136
Notary Public
Graha Irama Lantai 6C
Jl. H. R. Rasuna Said Blok X-1, Kav. 1& 2, Kuningan Timur, Kec. Setiabudi, Kota Jakarta Selatan,
Daerah Khusus Ibukota Jakarta 12710
Notaris & PPAT Fathiah Helmi
Services provided : Making deeds of GMS decisions and Articles of Association
Fee : IDR55,000,000
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 167
Page 170
Awards
and Certifications
Awards
Place of
No Award Date Organizer Category
Implementation
Level
Fortune Indonesia: BRI received Rank 5 in January 1, 2023 Fortune
1 Banking Jakarta Nasional
Fortune Indonesia Change The Word (December 2022) Indonesia
Mother & Beyond Reader's Choice Award
2 January 19, 2023 MRA Media Tabungan anak Jakarta Nasional
2022 (3rd place): Child savings
Local Eyes Award (Best): Best Activation Kampanye
3 January 27, 2023 Tribunnews Jakarta Nasional
Campaign Aktivasi Terbaik
2021 ASEAN Corporate Governance
4 Scorecard in the category ASEAN Asset January 31, 2023 IDX GCG Jakarta Nasional
Class PLCs
2021 ASEAN Corporate Governance Scorecard
5 January 31, 2023 IDX GCG Jakarta Nasional
in the category Indonesia Top 3 PLCs
Ranked 5th Highest Transaction in Business Kementerian
6 January 2023 Banking Jakarta Regional
Matching Jakarta BUMN
Euromoney Banking Rankings: BRI as Market
7 February 14, 2023 Euro Money CSR UK Internasional
Leader in the CSR Sector
Euromoney Banking Rankings: BRI as
8 Highly Regarded in the Field of Diversity & February 14, 2023 Euro Money DEI UK Internasional
Inclusion
Euromoney Banking Rankings: BRI as Market
9 February 14, 2023 Euro Money SME UK Internasional
Leader in the SME Banking Sector
Euromoney Banking Rankings: BRI as Highly
10 February 14, 2023 Euro Money Digital UK Internasional
Regarded in the Digital Solution Sector
Euromoney Banking Rankings: BRI as
11 February 14, 2023 Euro Money ESG UK Internasional
Notable in the ESG Sector
The Asset Triple A Country Awards 2022:
12 February 23, 2023 The Asset Banking Hong Kong Internasional
BRI for Best Issuer for Sustainable Finance
The Asset Triple A Country Awards 2022:
13 BRI for Best Sustainability-Linked Loan February 23, 2023 The Asset Banking Hong Kong Internasional
(US$1 billion sustainability-linked loan)
Top Brand Award 2023 (2nd Rank): Savings
14 February 23, 2023 Frontier Brand Jakarta Nasional
Products
PT Bank Rakyat Indonesia (Persero) Tbk.
168 2023 Annual Report
Page 171
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
Top Brand Award 2023 (1st place): Junior
15 February 23, 2023 Frontier Brand Jakarta Nasional
Savings
Top Brand Award 2023 (2nd Rank): Term
16 February 23, 2023 Frontier Brand Jakarta Nasional
Savings
17 Top Brand Award 2023 (3rd place): Credit Card February 23, 2023 Frontier Brand Jakarta Nasional
18 Top Brand Award 2023 (2nd place): Deposits February 23, 2023 Frontier Brand Jakarta Nasional
Top Brand Award 2023 (2nd place): Mobile
19 February 23, 2023 Frontier Brand Jakarta Nasional
Banking
Top Brand Award 2023 (2nd place): Internet
20 February 23, 2023 Frontier Brand Jakarta Nasional
Banking
Indonesia Public Relations Awards (IPRA) 2023:
21 Best Public Relations in Company Strategy on February 24, 2023 Warta Ekonomi Communication Jakarta Nasional
MSME Development and Empowerment
SWA 18th Indonesia Best CEO Forum: BRI
22 President Director Sunarso as "The Best CEO February 28, 2023 SWA CEO Jakarta Nasional
With Distinction"
Obsession Awards 2023: BRI as Best
23 March 8, 2023 Men’s Obsession Banking Jakarta Nasional
Companies 2023
BRI as HIMBARA is concerned with Tax Law
24 March 8, 2023 DJP Kemenkeu Banking Jakarta Nasional
Enforcement in 2022
SOEs Corporate Communications &
Kementerian
25 Sustainability Summit (BCOMSS) 2023: Best March 9, 2023 Sustainability Jakarta Nasional
BUMN
SME Development (Gold Winner)
SOEs Corporate Communications &
Kementerian Stakeholder
26 Sustainability Summit (BCOMSS) 2023: Best March 9, 2023 Jakarta Nasional
BUMN Management
Stakeholder Relations Management (3rd Place)
SOEs Corporate Communications &
Sustainability Summit (BCOMSS) 2023: Best Kementerian
27 March 9, 2023 Social Media Jakarta Nasional
Social Media Ranger BUMN Company (1st BUMN
Place)
SOEs Corporate Communications &
Sustainability Summit (BCOMSS) 2023: Kementerian
28 March 9, 2023 Communication Jakarta Nasional
Aestika Oryza Gunarto as Corporate BUMN
Secretary of the Year
SOEs Corporate Communications &
Kementerian
29 Sustainability Summit (BCOMSS) 2023: Best March 9, 2023 Communication Jakarta Nasional
BUMN
Disaster Task Force
SOEs Corporate Communications &
Kementerian
30 Sustainability Summit (BCOMSS) 2023: Best March 9, 2023 Communication Jakarta Nasional
BUMN
Exposure of the Year
SOEs Corporate Communications &
Kementerian
31 Sustainability Summit (BCOMSS) 2023: Best March 9, 2023 Communication Jakarta Nasional
BUMN
of the Best Communication
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 169
Page 172
Place of
No Award Date Organizer Category
Implementation
Level
Retail Banker International (RBI) Asia
Retail Banker
32 Trailblazer Awards 2023: BRI as Winner - March 9, 2023 Product Advance Singapura Internasional
International
Best in Current Account Offering
Retail Banker International (RBI)
Asia Trailblazer Awards 2023: Highly Retail Banker
33 March 9, 2023 Product Advance Singapura Internasional
Commended - Excellence in Mass Affluent International
Banking
Euromoney's Awards (Rank 1): Market
34 March 10, 2023 Euro Money Banking Dubai Internasional
Leader - Indonesia
Euromoney's Awards (Rank 3): Best Service
35 March 10, 2023 Euro Money Banking Dubai Internasional
- Indonesia
Euromoney's Awards (Rank 1):Best Service -
36 March 10, 2023 Euro Money Banking Dubai Internasional
Basic Materials - Asia Pacific
Euromoney's Awards (Rank 8): Market
37 March 10, 2023 Euro Money Banking Dubai Internasional
Leader - Asia Pacific
PR Indonesia Award 2023: Best Digital
38 March 17, 2023 PR Indonesia Kanal Digital Bali Nasional
Channel - Instagram Social Media
PR Indonesia Award 2023: Annual Report -
39 March 17, 2023 PR Indonesia Annual Report Bali Nasional
Best Annual Report
PR Indonesia Award 2023: Annual Report -
40 March 17, 2023 PR Indonesia Annual Report Bali Nasional
Best Sustainability Report
PR Indonesia Award 2023: Best CSR -
41 March 17, 2023 PR Indonesia CSR Bali Nasional
Community Based Development Program
PR Indonesia Award 2023: Best CSR -
42 March 17, 2023 PR Indonesia CSR Bali Nasional
Sustainability Business Program
PR Indonesia Award 2023: Best PR Program
43 March 17, 2023 PR Indonesia Communication Bali Nasional
- Corporate PR
PR Indonesia Award 2023: Most Popular BRI
44 March 17, 2023 PR Indonesia Communication Bali Nasional
- Mass Media
Majalah
Property&Bank
Indonesia Property&Bank Award XVII 2023
dan majalah
45 (Best): “The Most Admired CEO of State- March 20, 2023 CEO Jakarta Nasional
MyHome
Owned Bank”
(Jurnalist Media
Network)
Majalah
Property&Bank
Indonesia Property&Bank Award XVII 2023
dan majalah
46 (Best): "The Best Performance With High March 20, 2023 Banking Jakarta Nasional
MyHome
Growth of Millennial Mortgage Product".
(Jurnalist Media
Network)
BAZNAS Award 2023: BRI as the Best Zakat
47 March 21, 2023 BAZNAS Banking Jakarta Nasional
Payment Service Provider Bank BAZNAS RI
PT Bank Rakyat Indonesia (Persero) Tbk.
170 2023 Annual Report
Page 173
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
Global Finance 30th Annual Best Bank
48 March 21, 2023 Global Finance Banking New York Internasional
Awards 2023: Best Bank in Indonesia
Asia Private Banking Awards 2023 (Best):
49 Best Domestic Private Bank in Indonesia March 30, 2023 Asiamoney Banking Hong Kong Internasional
2022
Second Place in Use of Domestic Products Kementerian
50 March 2023 Product Jakarta Nasional
in 2023 State-Owned Enterprises Category Perindustrian
Ranked 2nd Highest Transaction in West Java Kementerian
51 March 2023 Banking Jakarta Regional
Business Matching BUMN
Media
Top Digital Corporate Brand Award 2023:
InfoEkonomi.ID Financial
52 BRI as TOP Digital Corporate Brand Award April 12, 2023 Jakarta Nasional
dan Tras N Co Industry
2023
Indonesia
12th Infobank Digital Brand Recognition
2023: The Best Leaders Personal Digital
53 April 12, 2023 Infobank CEO Jakarta Nasional
Brand 2023 - Sunarso (President Director
of BRI)
12th Infobank Digital Brand Recognition
2023: The 3rd Highest Digital Index of
54 April 12, 2023 Infobank Digital Jakarta Nasional
Conventional Commercial Bank Deposits
2023
12th Infobank Digital Brand Recognition
55 2023: The Highest Digital Index KPR for April 12, 2023 Infobank Digital Jakarta Nasional
Conventional Commercial Banks 2023
12th Infobank Digital Brand Recognition 2023:
56 The 3rd Highest Digital Index Mobile Banking April 12, 2023 Infobank Digital Jakarta Nasional
Conventional Commercial Banks 2023
12th Infobank Digital Brand Recognition
2023: The 3rd Highest Digital Index Wealth
57 April 12, 2023 Infobank Banking Jakarta Nasional
Management for Conventional Commercial
Banks 2023
12th Infobank Digital Brand Recognition
58 2023: The 3rd Highest Digital Index April 12, 2023 Infobank Digital Jakarta Nasional
E-Money Bank 2023
12th Infobank Digital Brand Recognition
59 2023: The Best Conventional Commercial April 12, 2023 Infobank Digital Jakarta Nasional
Bank KBMI 4 - 2023
12th Infobank Digital Brand Recognition
60 2023: The 3rd Best Conventional April 12, 2023 Infobank Digital Jakarta Nasional
Commercial Bank Deposits 2023
12th Infobank Digital Brand Recognition
61 2023; The Best KPR for Conventional April 12, 2023 Infobank Digital Jakarta Nasional
Commercial Banks 2023
12th Infobank Digital Brand Recognition
62 2023: The 3rd Best Wealth Management for April 12, 2023 Infobank Banking Jakarta Nasional
Conventional Commercial Banks 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 171
Page 174
Place of
No Award Date Organizer Category
Implementation
Level
12th Infobank Digital Brand Recognition
63 2023: The 3rd Best Internet Banking April 12, 2023 Infobank Banking Jakarta Nasional
Conventional Commercial Bank 2023
12th Infobank Digital Brand Recognition
64 2023: The 3rd Best Mobile Banking for April 12, 2023 Infobank Banking Jakarta Nasional
Conventional Commercial Banks 2023
12th Infobank Digital Brand Recognition
2023: Platinum Trophy for Conventional
65 April 12, 2023 Infobank Banking Jakarta Nasional
Commercial Banks - 10 Years in a Row
2013-2022
12th Infobank Digital Brand Recognition
66 2023: The Highest Digital Index for April 12, 2023 Infobank Banking Jakarta Nasional
Conventional Commercial Banks 2023
67 LinkedIn Top Companies 2023 in Indonesia April 18, 2023 Linkedin HR Jakarta Nasional
Indonesia WOW BRAND 2023: Bronze -
68 May 11, 2023 MarkPlus, Inc. Brand Jakarta Nasional
Electronic Money Card
Indonesia WOW BRAND 2023: Bronze -
69 May 11, 2023 MarkPlus, Inc. Brand Jakarta Nasional
Mobile Banking
Indonesia WOW BRAND 2023: Silver - KPR
70 May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Providing Bank
71 Indonesia WOW BRAND 2023: Gold - ATM May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Indonesia WOW BRAND 2023: Bronze -
72 May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Credit Card
Indonesia WOW BRAND 2023: Silver -
73 May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Conventional Bank
Indonesia WOW BRAND 2023: Silver - Call
74 May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Center
Indonesia WOW BRAND 2023: Silver -
75 May 11, 2023 MarkPlus, Inc. Banking Jakarta Nasional
Savings
Indonesia WOW BRAND 2023: Bronze -
76 May 11, 2023 MarkPlus, Inc. Digital Jakarta Nasional
Digital Lounge
Indonesia WOW BRAND 2023: Gold - Campaign
77 May 11, 2023 MarkPlus, Inc. Jakarta Nasional
Branding Campaign – Below The Line Product
Indonesia WOW BRAND 2023: Silver - Campaign
78 May 12, 2023 MarkPlus, Inc. Jakarta Nasional
Branding Campaign – Below The Line Product
Indonesia WOW BRAND 2023: Gold - Campaign
79 May 11, 2023 MarkPlus, Inc. Jakarta Nasional
Branding Campaign – Public Relation Product
Indonesia WOW BRAND 2023: Bronze - Campaign
80 May 12, 2023 MarkPlus, Inc. Jakarta Nasional
Branding Campaign – Public Relation Product
The Asset Triple A Treasurise Awards 2023:
81 May 23, 2023 The Asset Banking Hong Kong Internasional
Best in Treasury and Working Capital-SMEs
PT Bank Rakyat Indonesia (Persero) Tbk.
172 2023 Annual Report
Page 175
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
The Asset Triple A Treasurise Awards 2023:
82 May 23, 2023 The Asset Banking Hong Kong Internasional
Treasury Team of The Year
Asia Private Banking Awards 2023: Market
83 Leader Trade Finance (Asian Banks) in May 24, 2023 Asiamoney Banking Hong Kong Internasional
Indonesia
84 Best Bank 2023: BRI as the Best Bank 2023 May 26, 2023 Investor Bank BUKU 1 Indonesia Nasional
B-Universe CSR Award 2023: BRI as
Economic CSR Initiatives, financial sektor, Berita Satu
85 May 31, 2023 CSR Jakarta Nasional
Outstanding Integrated Corporate CSR Holding
Initiatives
Ranked 3rd in Highest Transactions (National
Kementerian
86 Seller Category) in Business Matching May 2023 Banking Jakarta Regional
BUMN
Surabaya
Ranked 1st in Highest Transactions (Local
Kementerian
87 Seller Category) in Business Matching May 2023 Banking Jakarta Regional
BUMN
Surabaya
Outstanding
Global Private Banking Innovation Awards Wealth
Global Private
88 2023: Winner/Outstanding Wealth June 8 ,2023 Management Singapore Internasional
Banker
Management Offering for Affluent Clients Offering for
Affluent Clients
Top 10 Most Valuable Indonesia Brands
89 2023: The Most Valuable Brand in Indonesia June 9 ,2023 Brand Finance Brand UK Internasional
(Peringkat 1)
The 1st INDONESIA GPR AWARDS (IGA)
2023: BRI President Director Sunarso as
90 June 16 ,2023 Humas Indonesia CEO Makassar Nasional
Winner of Most Popular Leader in Online
News Media 2023
The 1st INDONESIA GPR AWARDS (IGA)
91 2023: BRI as the Best Government Public June 16 ,2023 Humas Indonesia Humas Makassar Nasional
Relations Institution, BUMN Sub-Category
The 1st INDONESIA GPR AWARDS (IGA) 2023:
BRI President Director Sunarso as Winner of
92 June 16 ,2023 Humas Indonesia CEO Makassar Nasional
Most Popular Leader in Online News Media
2023
Infobank 20th Banking Service Excellence
94 Awards 2023 : The 2nd Best Opening Account June 20, 2023 Infobank Banking Jakarta Nasional
via Website
Infobank 20th Banking Service Excellence
95 June 20, 2023 Infobank Banking Jakarta Nasional
Awards 2023 : The 2nd Best Public ATM
Infobank 20th Banking Service Excellence
96 Awards 2023 : The 2nd Best Cash Recycling June 20, 2023 Infobank Banking Jakarta Nasional
Machine(CRM)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 173
Page 176
Place of
No Award Date Organizer Category
Implementation
Level
Infobank 20th Banking Service Excellence
97 Awards 2023: The 3rd Best Contact Center June 20, 2023 Infobank Banking Jakarta Nasional
in Service Excellence
Infobank 20th Banking Service Excellence
98 Awards 2023 : The 3rd Best Digital Channel June 20, 2023 Infobank Banking Jakarta Nasional
in Service Excellence
Infobank 20th Banking Service Excellence
99 Awards 2023 : Golden Recognition - 5 June 20, 2023 Infobank Banking Jakarta Nasional
Concecutive years in Service Excellence
100 Indonesia Most Powerful Women
Business Leader of the Year 2023: BRI
100 June 27, 2023 SWA CEO Jakarta Nasional
Finance Director Viviana Dyah Ayu Retno
Kumalasari
Indonesia Most Extraordinary Women
101 Business Leader 2023: BRI Consumer June 27, 2023 SWA CEO Jakarta Nasional
Business Director Handayani
HR Asia Best Companies to Work For in
102 Asia 2023 and HR Asia Diversity, Equity & June 27, 2023 HR Asia HR Nasional
Inclusion Award 2023
FinanceAsia’s 23rd Best Companies in Asia
103 June 28, 2023 Finance Asia CEO Hong Kong Internasional
Poll: Best CEO - Sunarso (Gold)
FinanceAsia’s 23rd Best Companies in Asia
104 Poll: Best CFO - Viviana Dyah Ayu Retno K June 28, 2023 Finance Asia CFO Hong Kong Internasional
(Gold)
FinanceAsia’s 23rd Best Companies in Asia
105 June 28, 2023 Finance Asia Banking Hong Kong Internasional
Poll: Best Financial Company (Gold)
FinanceAsia’s 23rd Best Companies in Asia
106 June 28, 2023 Finance Asia ESG Hong Kong Internasional
Poll: Best Corporate ESG Strategy (Gold)
FinanceAsia’s 23rd Best Companies in Asia
107 June 28, 2023 Finance Asia DEI Hong Kong Internasional
Poll: Best DEI Strategy (Gold)
FinanceAsia’s 23rd Best Companies in Asia
108 June 28, 2023 Finance Asia Banking Hong Kong Internasional
Poll: Best Investor Relations (Gold)
FinanceAsia’s 23rd Best Companies in Asia
109 June 28, 2023 Finance Asia Banking Hong Kong Internasional
Poll: Best Large Cap (Gold)
FinanceAsia’s 23rd Best Companies in Asia
110 June 28, 2023 Finance Asia Banking Hong Kong Internasional
Poll: Best Overall Company (Gold)
FinanceAsia’s 23rd Awards Most Progressive
111 June 28, 2023 Finance Asia Banking Hong Kong Internasional
DEI (Domestic)
SPEx2 DX Award 2023: The Best SPEx2®
112 June 28, 2023 Kontan Banking Jakarta Nasional
Company Across All Industries
SPEx2 DX Award 2023: The Best SPEx2®
113 June 28, 2023 Kontan Banking Jakarta Nasional
Company for SOEs
PT Bank Rakyat Indonesia (Persero) Tbk.
174 2023 Annual Report
Page 177
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
SPEx2 DX Award 2023: The Best SPEx2®
114 June 28, 2023 Kontan Banking Jakarta Nasional
Company in Banking Industry
SPEx2 DX Award 2023: Direktur Utama
BRI Sunarso - The Best Chief Strategic
115 June 28, 2023 Kontan CEO Jakarta Nasional
Executive Officer (CSEO) Across All
Industries
The 3rd Annual Sustainable Finance Awards
116 June 28, 2023 Global Finance Banking London Internasional
2023: BRI as Best Bank in Indonesia
Asiamoney Best Bank Awards 2023: Best
117 June 28, 2023 Asiamoney Banking Hong Kong Internasional
Domestic Bank In Indonesia
The Banker Top 1000 World Banks 2023:
118 July 5, 2023 The Banker Banking London Internasional
Number One Bank in Indonesia
The 3rd MAW Talk Awards 2023: Roma J P
119 July 7, 2023 MAW Institute PR Yogyakarta Nasional
Simanjuntak as Influential PR Figure 2023
KEHATI ESG Award 2023: Winner of Issuers
120 July 27, 2023 Kehati Capital Market Jakarta Nasional
in the Financial sector
Indonesia DEI & ESG Awards (IDEAS) 2023 -
121 August 4, 2023 Humas Indonesia ESG Jakarta Nasional
Silver Rank for Environmental Category
Indonesia DEI & ESG Awards (IDEAS) 2023 -
122 August 4, 2023 Humas Indonesia ESG Jakarta Nasional
Silver Rank for Social Category
Indonesia Most Reputable Companies 2023:
Majalah SWA dan
123 Most Reputable Companies Award 2023 August 8, 2023 Banking Jakarta Nasional
Business Digest
SOEs Bank Category
Best Bank Performance of MSMEs
124 Loans 2023 AWARD: Top MSME Loans - August 15, 2023 Peluangnews.id Banking Jakarta Nasional
Commercial Banks
HCM Excellence Award 2023: Best Team Brandon Hall Talent
125 August 17, 2023 USA Internasional
Development Program (Bronze Award) Group Management
HCM Excellence Award 2023: Best Advance
Brandon Hall Talent
126 In Talent Management Technology August 17, 2023 USA Internasional
Group Management
Implementation (Bronze Award)
HCM Excellence Award 2023: Best Advance
Brandon Hall Talent
127 In High Potential Development (Silver August 17, 2023 USA Internasional
Group Management
Award)
HCM Excellence Award 2023: Best Advance Brandon Hall Talent
128 August 17, 2023 USA Internasional
In Interviewing Strategy (Bronze Award) Group Acquisition
HCM Excellence Award 2023: Best New Hire Brandon Hall Talent
129 August 17, 2023 USA Internasional
Onboarding Program, (Gold Award) Group Acquisition
HCM Excellence Award 2023: Best Advance Brandon Hall Talent
130 August 17, 2023 USA Internasional
in Talent Acquistion Process (Gold Award) Group Acquisition
HCM Excellence Award 2023: Best Use Of Brandon Hall Learning &
131 August 17, 2023 USA Internasional
Video For Learning (Silver Award) Group Development
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 175
Page 178
Place of
No Award Date Organizer Category
Implementation
Level
HCM Excellence Award 2023: Best Use Of Brandon Hall Learning &
132 August 17, 2023 USA Internasional
Blended Learning (Silver Award) Group Development
HCM Excellence Award 2023: Best Approach
Brandon Hall Learning &
133 To Implementing A Learning Experience August 17, 2023 USA Internasional
Group Development
Platform (LXP) (Bronze Award)
HCM Excellence Award 2023: Best Advance Brandon Hall
134 August 17, 2023 Future Of Work USA Internasional
In Business Automation (Gold Award) Group
Indonesia Original Brands (IOB) Awards
135 August 31, 2023 Majalah SWA Brand Jakarta Nasional
2023: BRIMO Excellent category
6th Annual Global Retail Banking Innovation The Digital
136 August 2023 Banking Singapura Internasional
Awards Banker
Ranked 2nd in Highest Transactions
Kementerian
137 (National Seller Category) in Business August 2023 Banking Jakarta Regional
BUMN
Matching Medan
Ranked 3rd in Highest Transactions (Local
Kementerian
138 Seller Category) in Business Matching August 2023 Banking Jakarta Regional
BUMN
Medan
The Banker Innovation in Digital Banking
September 1,
139 Awards 2023: Transformation Project (Agen The Banker Banking London Internasional
2023
BRILink)
Treasury & FX Award Alpha Southeast Asia: September 7, Alpha Southeast
140 Treasury Internasional
The Best FX Bank for Retail Client 2023 Asia
The 4th ASEAN PR Excellence Awards 2023:
September 8, ASEAN PR
141 Best Government Public Relations in Public Relations Vietnam Internasional
2023 Network (APRN)
Indonesia
4th Top Digital Corporate Brand Award 2023
September 13, TRAS N CO
142 Special Achievement for BUMN, Subsidiary Banking Jakarta Nasional
2023 Indonesia
SOEs & ROEs
The Asian Banker Indonesia Awards 2023: September 14,
143 Asian Banker Banking Jakarta Internasional
Best Wealth Management Bank in Indonesia 2023
The 14th IICD Corporate Governance
Conference and Award: BRI as Top 50 issuers September 18,
144 IICD CGC Jakarta Nasional
with the Largest Market Capitalization 2023
(BigCap PLCs)
IDX Channel Anugrah Innovation Indonesia:
Special Award Nomination for Product September 20, Bursa Efek
145 Banking Jakarta Nasional
and Business Model Category (BRI Digital 2023 Indonesia
Transformation)
The Asset Triple A Private Capital Awards
September 20,
146 2023: Best Private Bank for HNWIs, The Asset Banking Hong Kong Internasional
2023
Indonesia
Detik.com Awards 2023: Most Innovative September 21,
147 Detik.com Brand Jakarta Nasional
Financial Application (BRIMO) 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
176 2023 Annual Report
Page 179
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
Detik.com Awards 2023: Bank with the Best September 21,
148 Detik.com Banking Jakarta Nasional
Financial Performance 2023
Detik.com Awards 2023: Best Corporate September 21,
149 Detik.com Public Relations Jakarta Nasional
Communication Strategy in Banking 2023
ICCA 2023 Contact BRI: Best Technology September 26,
150 ICCI Banking Jakarta Nasional
Innovation - Platinum 2023
ICCA 2023 Contact BRI: Best Employee September 26,
151 ICCI Human Capital Jakarta Nasional
Engagement - Platinum 2023
ICCA 2023 Contact BRI: Best Digital Media September 26,
152 ICCI Digital Jakarta Nasional
- Gold 2023
ICCA 2023 Contact BRI: Best Customer September 26,
153 ICCI Service Jakarta Nasional
Experience - Gold 2023
ICCA 2023 Contact BRI: Best People September 26,
154 ICCI Human Capital Jakarta Nasional
Development - Silver 2023
ICCA 2023 Contact BRI: Best Scheduling - September 26,
155 ICCI Team Work Jakarta Nasional
Platinum 2023
ICCA 2023 Contact BRI: Nilam Putri R - Best September 26,
156 ICCI Individual Jakarta Nasional
Agent Digital Email - Silver 2023
ICCA 2023 Contact BRI: Sunatul Fudhlah - September 26,
157 ICCI Individual Jakarta Nasional
BTB Agent Inbound - Bronze 2023
ICCA 2023 Contact BRI: Andita Boni B - Best September 26,
158 ICCI Individual Jakarta Nasional
Desk Control - Bronze 2023
Ranked 3rd in Highest Transactions (National
September 30, Kementerian
159 Seller Category) in Business Matching Banking Jakarta Regional
2023 BUMN
Manado
Ranked 2nd in Highest Transactions (Local
September 30, Kementerian
160 Seller Category) in Business Matching Banking Jakarta Regional
2023 BUMN
Manado
Marketeer's Editor's Choice Award 2023:
161 BRIMO International Transfer as The Best October 10, 2023 Marketeers Banking Jakarta Nasional
Remittance Service in Mobile Apps of the Year
CEO Achievement Awards 2023: Best
CEO Business
Performance Chief Executive Officer
162 October 14, 2023 Forum Indonesia Individual Yogyakarta Nasional
in Encouraging Corporate Culture
& Warta Ekonomi
Transformation to Maintain Business Growth
National Award for Companies and SOEs Kementerian
163 that Employ Workers with Disabilities in October 17, 2023 Ketenagakerjaan Human Capital Jakarta Nasional
2023 RI
Artajasa ATM Bersama Awards 2023: BRI as
164 October 20, 2023 ATM Bersama Banking Jakarta Nasional
The Best Issuer of ATM Bersama
Artajasa ATM Bersama Awards 2023: BRI as
165 October 20, 2023 ATM Bersama Banking Jakarta Nasional
The Most Transaction Growth ATM
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 177
Page 180
Place of
No Award Date Organizer Category
Implementation
Level
Republika CSR Award 2023: CSR in the
166 Infrastructure Sector (BRI Cares This is My October 26, 2023 Republika Banking Jakarta Nasional
School)
Digital Information Openness 5.0KIP BUMN
167 Awards 2023: The Most Interact SOEs By October 27, 2023 BUMN Track Banking Bali Nasional
Engagement
Digital Information Openness 5.0KIP BUMN
168 Awards 2023: Best of All by Audience, October 27, 2023 BUMN Track Banking Bali Nasional
Activity, Engagement
The Winner of Best Workplace (Top of Mind) Korn Ferry
169 October 20, 2023 HR Jakarta Nasional
Survey 2023 by Korn Ferry Indonesia & SWA Indonesia & SWA
The Best Investortrust Companies 2023:
170 Market capitalization of more than IDR 25 October 31, 2023 Investortrust Banking Jakarta Nasional
Trillion
Best in Future of Intelligence award in the
171 IDC Future Enterprise Awards 2023 for October 31, 2023 IDC Banking Singapore Internasional
Indonesia
Best in Future of Intelligence award in the
172 IDC Future Enterprise Awards 2023 Regional October 31, 2023 IDC Banking Singapore Internasional
(Asia Pacific)
Auction Award - Execution Auction Kementerian
173 November 2023 Banking Jakarta Nasional
Applicant Category Keuangan RI
Asia Sustainability Reporting Rating
National Center
(ASSRAT) 2023: Platinum Rank -
174 November 6, 2023 for Corporate Banking Jakarta Nasional
Sustainability Report 2022 of PT Bank
Reporting (NCCR)
Rakyat Indonesia (Persero) Tbk
CNBC Awards 2023: Most Integrated
175 Innovation Platform for Business Solution - November 7, 2023 CNBC Banking Jakarta Nasional
Qlola by BRI
GML
Stellar Workplace Award 2023: Top 5 Stellar Performance
176 November 8, 2023 Human Capital Jakarta Nasional
Workplace Program in Social Era 5.0 Consulting &
Majalah Kontan
GML
Stellar Workplace Award 2023: Top 5
Performance
177 Favorite Company to Work for the New November 8, 2023 Human Capital Jakarta Nasional
Consulting &
Generation
Majalah Kontan
GML
Stellar Workplace Award 2023: Stellar
Performance
178 Workplace Recognition in Employee November 8, 2023 Human Capital Jakarta Nasional
Consulting &
Commitment
Majalah Kontan
GML
Stellar Workplace Award 2023: Stellar
Performance
179 Workplace Recognition in Employee November 8, 2023 Human Capital Jakarta Nasional
Consulting &
Satisfaction
Majalah Kontan
PT Bank Rakyat Indonesia (Persero) Tbk.
178 2023 Annual Report
Page 181
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
Anugerah Tokoh Motivator dan Inspirasi
November 22,
180 Negeri 2023: Best Leader Corporate Sorotnews Individual Jakarta Nasional
2023
Company 2023
November 22,
181 The Best of Sorot News Golden Award 2023 Sorotnews Jakarta Nasional
2023
November 22, Kementerian
182 Mutual Bandha Award 2023 Banking Jakarta Nasional
2023 Keuangan RI
Asosiasi Analis
Certified Securities Analyst (CSA) Awards
November 23, Efek Indonesia
183 2023: The Best SOEs Banking Financial Banking Jakarta Nasional
2023 (AAEI) dan CSA
Sector Categorized on The Main Board
Community
ESG Disclosure Transparency Awards 2023: November 28,
184 Investortrust Banking Jakarta Nasional
Leadership AAA 2023
Top 5 Best Partner Engagement 2023 by November 28, Universitas
185 HR Jakarta Nasional
Universitas Telkom 2023 Telkom
Bisnis Indonesia TOP SOEs Awards: The
Most Committed Chief Executive Officer November 30,
186 Bisnis Indonesia Individual Jakarta Nasional
State-Owned Enterprises in Driving 2023
Technological Change
Bisnis Indonesia TOP SOEs Awards: The Best November 30,
187 Bisnis Indonesia Individual Jakarta Nasional
CFO : Excellent in Analytics Data Driven 2023
Bisnis Indonesia TOP SOEs Awards: The Best November 30,
188 Bisnis Indonesia Individual Jakarta Nasional
State Owned Enterprise In 2023 2023
BI Award 2023: BRI as the Best Green
November 29,
189 Financial Supporting Bank - Bank KBMI 3 Bank Indonesia Banking Jakarta Nasional
2023
and 4
BI Award 2023: BRI as the Best
November 29,
190 Conventional Bank Supporting Foreign Bank Indonesia Banking Jakarta Nasional
2023
Currency Monetary Control
BI Award 2023: BRI as the Best Inclusive
November 29,
191 Financing Supporting Bank - Bank KBMI 3 Bank Indonesia Banking Jakarta Nasional
2023
and 4
Indonesia Best Digital Finance Awards
2023: BRI as Best Digital Finance 2023 for November 29,
192 SWA Banking Jakarta Nasional
Equitable and Integrated Banking Access 2023
Capabilities Category KBMI 4, SOE
The Best Contact Center Asia Pacific in
November 29, Contact Center
193 2023: Silver Medal in Technology Innovation Contact Center Malaysia Internasional
2023 Asia Pasific
Category
TOP CEO: BRI as a Bank with Top Profit IDN Financial X
194 December 1, 2023 Banking Jakarta Nasional
Criteria TEMPO
INFOBANK TOP 100 CEO & THE NEXT
195 LEADERS FORUM 2023: CEO of the Year - December 5, 2023 Infobank Individual Jakarta Nasional
Sunarso
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 179
Page 182
Place of
No Award Date Organizer Category
Implementation
Level
INFOBANK TOP 100 CEO & THE NEXT
196 LEADERS FORUM 2023: The Next Leader 23: December 5, 2023 Infobank Individual Jakarta Nasional
Arga M Nugraha
INFOBANK TOP 100 CEO & THE NEXT
197 LEADERS FORUM 2023: The Next Leader 23: December 5, 2023 Infobank Individual Jakarta Nasional
Harsya Wardana
INFOBANK TOP 100 CEO & THE NEXT
198 LEADERS FORUM 2023: The Next Leader 23: December 5, 2023 Infobank Individual Jakarta Nasional
Viviana Dyah Ayu
INFOBANK TOP 100 CEO & THE NEXT
199 LEADERS FORUM 2023: The Next Leader 23: December 5, 2023 Infobank Individual Jakarta Nasional
Andrijanto
INFOBANK TOP 100 CEO & THE NEXT
200 LEADERS FORUM 2023: Bankers of The December 5, 2023 Infobank Individual Jakarta Nasional
Year - Supari
2023 SOEs Champion Partner Appreciation:
Kementerian
201 BRI as the Best SOE 2 in the Creditor/ December 5, 2023 Banking Jakarta Nasional
BUMN
Investor Category
2023 SOEs Champion Partner Appreciation:
Kementerian
202 BRI as the Best SOE in 3 Customer/Buyer December 5, 2023 Banking Jakarta Nasional
BUMN
Categories
LPS Awards 2023: BRI as the Most Active
203 Bank in Socializing the Deposit Guarantee December 6, 2023 LPS Banking Jakarta Nasional
Program
LPS Awards 2023: BRI as the Most
Innovative Bank in Socializing the Deposit
204 December 6, 2023 LPS Banking Jakarta Nasional
Guarantee Program for KBMI (Bank Group
Based on Core Capital) 4
CNBC Indonesia Awards: Maestro CEO of December 13,
205 CNBC Individual Jakarta Nasional
The Year 2023
CNBC Indonesia Awards: Most Profitable December 13,
206 CNBC Banking Jakarta Nasional
Bank with Best GCG 2023
Digital Banking Awards 2023: BRI as Best
of the Best Category Data Dimension, December 14,
207 Investortrust Banking Jakarta Nasional
Technology Dimension, Customer Dimension 2023
KBMI Bank Group 4
Digital Financial Excellence Award: KBMI-2
December 19,
208 Foreign Exchange Bank (Core Capital IDR 70 Media Asuransi Banking Jakarta Nasional
2023
Trillion and Above)
Digital Financial Excellence Award: SOEs December 19,
209 Media Asuransi Banking Jakarta Nasional
Bank 2023
SWA & The
Indonesian
Indonesia Good Corporate Governance December 20,
210 Institute for Banking Jakarta Nasional
Award: The Most Trusted Companies 2022 2023
Corporate
Governance
PT Bank Rakyat Indonesia (Persero) Tbk.
180 2023 Annual Report
Page 183
Company
Profile
Place of
No Award Date Organizer Category
Implementation
Level
December 20,
211 2023 Public Information Openness Award KIP Communication Jakarta Nasional
2023
212 Annual report Award 2022 December 2023 KNKG Banking Jakarta Nasional
Ranked 1 in SOE with the Largest
st
Kementerian
213 December 2023 Banking Jakarta Nasional
Expenditure Value in Business Matching BUMN
Investor Meeting: Main Dealer of
Kementerian
214 Government Debt Securities with the Best December 2023 Banking Jakarta Nasional
Keuangan RI
Performance in 2022
Investor Meeting: Main Dealer of
Kementerian
215 Government Debt Securities with the Best December 2023 Banking Jakarta Nasional
Keuangan RI
Performance in the Primary Market in 2022
Investor Meeting: Main Dealer of
Government Debt Securities with the Kementerian
216 December 2023 Banking Jakarta Nasional
Best Performance in 2022, Conventional Keuangan RI
Commercial Bank Category
Investor Meeting: Main Dealer of
Kementerian
217 Government Debt Securities with the Best December 2023 Banking Jakarta Nasional
Keuangan RI
Performance in 2023
Investor Meeting: Main Dealer of
Kementerian
218 Government Debt Securities with the Best December 2023 Banking Jakarta Nasional
Keuangan RI
Performance in the Primary Market in 2023
Investor Meeting: Best Main Dealer of State Kementerian
219 December 2023 Banking Jakarta Nasional
Sharia Securities in 2023 Keuangan RI
BRI Award Charter Has Fulfilled Business Kementrian
220 Risk and Human Rights Assessment Desember 2023 Hukum dan Hak Banking Jakarta Nasional
Indicator Standards (PRISMA) Asasi Manusia
LSEG Indonesia
221 The Best State Bank Desember 2023 Treasury London Internasional
Award
Certification
BRI Certification Table
Receipt
No Certification Name Certification Issuer Certification Period
Date
Division
KAN (Regional) & ANAB
ISO 9001:2015 Quality January 5, 2023 to January 4,
(International) with Certificate
1 Management System 2026 (Certificate Validity Period January 5, 2023 Compliance Division
Number FS 782968 dated
Certification 3 Years)
January 5, 2023
ISO 37301:2021 Compliance British Standard Institution with January 16, 2023 to January 15,
2 Management System Certificate Number MSFC 782970 2026 (Certificate Validity Period January 16, 2023 Compliance Division
Certification dated January 16, 2023 3 Years)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 181
Page 184
Receipt
No Certification Name Certification Issuer Certification Period
Date
Division
Occupational Health and Ministry of Manpower and
June 2023 (Certificate Validity Operational Risk
3 Safety Management System Transmigration of the Republic of June 09, 2023
Period 3 Years) Division
Certification Indonesia
ISO 27001:2013 Information
January 2022 - January 2025 Enterprise Data
4 Security Management System The British Standards Institution January 31, 2023
(3 Years) Management
Certification
ISO 9001:2015 Quality
January 2022 - January 2025 Enterprise Data
5 Management System The British Standards Institution January31, 2023
(3 Years) Management
Certification
ISO 9001:2015 Quality
November 05, 2023 to November 05, Investment Services
6 Management System LRQA Limited
November 04, 2026 (3 Years) 2023 Division
Certification
Fixed Assets
ISO 9001:2015 Quality
June 10, 2022 - June 9, 2025 Management &
7 Management System LRQA Limited June 10, 2022
(3 years) Procurement Policy
Certification
Division
ISO 9001:2015 Quality
KAN (Regional) & UKAS March 31, 2021 - December
8 Management System March 31, 2021 Head Office Audit
(International) 04, 2023
Certification
ISO 27001:2013 Information
November 2023 - November November 22, Information Security
9 Security Management System The British Standards Institution
2025 2023 Division
Certification
ISO 9001:2015 Quality Financial &
February 5, 2021 - January 21,
10 Management System SGS United Kingdom Ltd February 5, 2021 Management
2024
Certification Accounting Division
Sertifikasi ISO 9001:2015 23 Oktober 2019 - 22 Oktober Divisi Marketing
11 PT Lloyd’s Register Indonesia October 23, 2019
Sistem Manajemen Mutu 2025 Communication
Digital Banking
Sertifikasi ISO 9001:2015
12 The British Standard Institution 8 Januari 2021 – 8 Januari 2024 January 8, 2024 Development &
Sistem Manajemen Mutu
Operation
Sertifikasi ISO 27001:2015 Application
18 November 2021 – 17 November 18,
13 Surveillance Fungsi CAO & PT BSI Group Indonesia Management &
November 2024 2021
Extend Scope BRImo Operation Division
Sertifikasi ISO 29119-
Application
1:2022 Software & System 8 Oktober 2022 – 07 Oktober
14 PT BSI Group Indonesia October 8, 2022 Management &
Engineering - Software Testing 2025
Operation Division
(4 Functions)
Sertifikasi ISO 20000-1:2018
Application
veillance Brinets Express, November 2022 - November
15 PT BSI Group Indonesia November 2022 Management &
Brilink Mobile, & BRImo, 2024
Operation Division
Extend Scope Brispot
Sertifikasi ISO 27001:2013
6 Desember 2021 – 5 Desember December 6, IT Infrastructure &
16 Surveillance 3 Fungsi (NOC, PT BSI Group Indonesia
2024 2021 Operation Division
QAN, DCI)
Sertifikasi ISO 27001:2013
IT Infrastructure &
17 Initial/Extend Scope 5 Fungsi PT SGS Indonesia 2022 - 2024 2022
Operation Division
(QAC, DRM CPO, IDC, IDN)
Sertifikasi ISO 27001:2013
14 Desember 2022 – 28 Agustus December 14, IT Infrastructure &
18 Resertifikasi 4 Fungsi (SCO, PT SGS Indonesia
2025 2021 Operation Division
GCS, PAC, RGU)
Sertifikasi ISO 27001:2013 Digital Banking
19 Sistem Manajemen Keamanan The British Standard Institution April 2022 - April 2025 April 2022 Development &
Informasi Operation
PT Bank Rakyat Indonesia (Persero) Tbk.
182 2023 Annual Report
Page 185
Company
Profile
Information Available
on The Website
As a public company BRI has the main Bank website, namely www. bri.co.id. a. ACGS, BRI’s website also meets ASEAN Corporate Governance
The website was created and managed based on OJK regulation No.8/ Scorecard (ACGS) standards which include:
POJK.04/2015 concerning issuer or public company websites. The Bank’s • Part A. Rights of Shareholders
website can be accessed in Indonesian and English to provide easy access • Part B. Equitable Treatment of Shareholders
to information for all stakeholders. • Part C. Role of Stakeholder
• Part D. Disclosure & Transparancy
The information contained on the Bank’s website is contained in • Part E. Responsibilities of the Board
accordance with Article 6 of the Financial Services Authority Regulation b. General Meeting of Shareholders (GMS): Annual GMS and
(POJK) No. 8/POJK.4/2015, where Issuers or Public Companies are Extraordinary GMS of the Bank
required to submit information, as follows: c. GCG Structure: Audit Committee, Nomination & Remuneration
1. General Information on Issuers or Public Companies; Committee, Risk Management Oversight Committee, Integrated
2. Information for Investors or Investors; Governance Committee
3. Corporate Governance Information; And d. GCG Process: Organizational Structure, Board of Commissioners,
4. Corporate Social Responsibility Information. Directors, Corporate Secretary, and other things such as: BOD
Charter, Directors Succession Policy, Audit Charter, Board of
Information on the BRI website continues to be regularly supplemented Commissioners’ and Board of Directors’ Shareholding, and
and updated with various important information, including: Dividend Policy
1. Home Page e. GCG Assessment: Governance Commitment and GCG Assessment
Contains various main BRI information, providing a fast menu for the consisting of GCG Self Assessment and Independent Party GCG
latest promotions, careers (Life at BRI), BRImo registration, Auction Assessment (External Auditor & ACGS)
Info, GCG, and CSR. Apart from that, there is also information on f. GCG Results: Awards and GCG Assessment Results
foreign exchange rates, stock prices, news, the latest information g. Whistleblowing System: Report Categories and Reporting
and announcements, education on alert modes, consumer credit Channels
simulation calculators (Public Housing Loan & BRIguna), as well as h. Other Information: AML & CFT Policy, USA Patriot Act
information on BRI subsidiary companies. Certification, Board of Commissioners’ and Board of Directors’
2. About Us Shareholding, and so on.
This menu bar contains general information related to BRI (Vision 5. Investors
and Mission, History of BRI, Management, Overseas Work Units, etc.), This menu bar contains options for Financial Information, Dividend
Corporate Governance (ACGS, Structure, Process, Assessment, and Information, Stock/Bond Information, News & Events and Information
the results of Governance to the Whistle Blowing System ), Subsidiary Requests which can be accessed via microsite integration (ir-bri.com).
Companies, Education, and BRI Peduli. Several important reports such as: Annual Report, Sustainability
3. Products and Services Report, Consolidated Financial Report, Quarterly Financial Report,
BRI divides products and services into 3 categories (Individual, MSME, Monthly Financial Report, and other related information can be
Corporate) to make it easier for the public to find products and accessed in the Financial Information menu option.
services according to their profile and needs. This menu bar provides 6. Corporate Social Responsibility
a variety of bank products and services, including savings (savings, Contains information regarding the implementation of the 3 (three)
current accounts and deposits), commercial and consumer loans, pillars of Social and Environmental Responsibility that have been
credit cards, investments, trade finance & services, BRILink agents carried out by BRI, namely Social, Economic and Environmental.
and other banking services. 7. Sustainability
4. Good Corporate governance Information about BRI’s Sustainability can be accessed via the
The Corporate Governance (GCG) homepage contains complete microsite (www.ir-bri.com/esg/home.html). This microsite contains
information regarding BRI’s Corporate Governance with the menu information about BRI’s ESG (Environmental, Social, and Governance)
bar options About Us, Management, GMS, GCG Structure, GCG journey, the performance and implementation of BRI’s Sustainability
Report, ASEAN Corporate Governance Scorecard, Openness and initiatives, as well as sustainability information BRI ratings & indices.
Other Information, which can be accessed via microsite integration The Sustainability Report can also be downloaded via this microsite.
(ir-bri.com). Through this GCG homepage, the public can find out
information about GCG practices that have been carried out by BRI, Overall, the BRI Website reflects BRI’s commitment to upholding the
as below: principles of openness and transparency.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 183
Page 186
Management
Discussion
and Analysis on
Bank Performance
Net income in 2023 reached IDR60.43 trillion, an
increase of 17.54% yoy compared to 2022 which
reached IDR51.41 trillion. The growth in consolidated
net income was driven by the growth of the Company’s
net profit on bank only basis which was recorded at
IDR53.15 trillion or grew by 11.13% yoy compared
to 2022 of IDR47.83 trillion, along with the positive
contribution of all subsidiaries so that the aggregate
profits of subsidiaries increased. 39.65% yoy or an
increase of IDR2.08 trillion.
PT Bank Rakyat Indonesia (Persero) Tbk.
184 2023 Annual Report
Page 187
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 185
Page 188
Economic
Review
Global Economic Analysis
The rate of global economic growth continued to experience inflation due to supply chain disruption and very significant
pressure. After experiencing recovery after the Covid-19 increased in benchmark interest rates by various central banks
pandemic, the global economic growth trend slowed down again in the world, especially the Fed. The trend of slowing global
in 2022. Global economic growth was recorded at around 3.5% economic growth is expected to continue in 2023 and 2024. The
in 2022, lower than the previous year’s achievement of 6.3% in IMF as of January 2024 estimates that global economic growth
2021. This was caused by a combination of pressures. High global in 2023 and 2024 will be 3.1% and 3.1%, respectively (Figure 1).
Figure 1. World Economic Growth Projections (%)
3.5
3.4
3.3
3.2
3.1
3
3.5 3.1 3.1 3.2
2.9
2022 2023 2024 2025
Source: IMF, January 2024, Data processed
PT Bank Rakyat Indonesia (Persero) Tbk.
186 2023 Annual Report
Page 189
Management Discussion and Analysis
on Bank Performance
Until Quarter IV-2023, there were at least four indicators that implied a decline in production activity, and (4) the rate of
reflected the rate of global economic slowdown, namely: (1) The decline in the Leading Economic Indicator (LEI) in various major
movement of the Purchasing Manager Index (PMI) which has countries in the world. Of these four factors, the decline in the LEI
slowed down since May 2023, especially the manufacturing PMI, in various major countries in the world (Figure 2) was one of the
(2) The decline in the export rate of various main countries such main indicators showing that the pace of the global economy in
as China and the US, which implied a decline in world demand, the future is likely to slow.
(3) a decline in active job vacancies in various countries, which
Figure 2. Movement Rate of Leading Economic Indicator (LEI)
Compared to The Economic Growth of Several Countries
LEI vs US Economic Growth
15.0 #1 GDP 2022 = USD25.2 trillion (25.3%) 15.0
GDP per Cap = USD76.4 thousand
10.0
10.0
5.0
5.0 2.93
0.0
0.0
(5.0)
(5.0)
(10.0)
(7.84)
(10.0) (15.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
LEI vs China’s Economic Growth
#2 GDP 2022 = USD17.9 trillion (17.8%)
20.0 GDP per Cap = USD12.7 thousand 20.0
15.0 15.0
10.0 10.0
2.93
5.0 5.0
0.0 0.0
(5.0) (5.0)
(5.03)
(10.0) (10.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
Economic growth LEI (%yoy, rhs)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 187
Page 190
LEI vs European Union Economic Growth
20.0 30.0
#3 GDP 2022 = USD14.0 trillion (13.9%)
15.0
GDP per Cap = USD40.7 thousand 20.0
10.0
5.0 0.11 10.0
0.0
0.0
(5.0)
(10.0)
(10.0) (8.37)
(15.0) (20.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
LEI vs Japan Economic Growth
12.0 #4 GDP 2022 = USD4.2 trillion (4.2%) 30.0
GDP per Cap = USD33.8 thousand
8.0
20.0
4.0 1.40
10.0
0.0
0.0
(4.0)
(3.70) (10.0)
(8.0)
(12.0) (20.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
LEI vs Malaysian Economic Growth
20.0 #40 GDP 2022 = USD0.4 trillion (0.4%) 20.0
GDP per Cap = USD11.9 thousand
15.0
15.0
10.0
5.0
3.29 10.0
0.0 5.0
(5.0)
(0.54)
0.0
(10.0)
(50.0)
(15.0)
(20.0) (10.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
Economic growth LEI (%yoy, rhs)
PT Bank Rakyat Indonesia (Persero) Tbk.
188 2023 Annual Report
Page 191
Management Discussion and Analysis
on Bank Performance
LEI vs Indonesian Economic Growth
10.0 #17 GDP 2022 = USD1.3 trillion (1.3%) 80.0
GDP per Cap = USD4.7 thousand
6.0
4.94 60.0
40.0
2.0
20.0
(2.0)
0.0
(15.66)
(6.0)
(20.0)
(10.0) (40.0)
17 17 17 18 18 19 19 19 20 20 21 21 22 22 22 23 23
Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Sept
Economic growth CEI LEI (%yoy, rhs)
Source: CEIC and Bloomberg, September 2023, Data processed
The rate of decline in the LEI in various countries was caused by the rate of global economic growth which was dynamic and fluctuating.
downside risk of global economic recovery due to the high interest First, the global inflation trend was historically quite high (Figure
rates of most central banks, in line with the eleveted inflation 3). The inflation rate in various countries is currently on a downward
(especially in developed countries). There were at least four main trend, but remains higher than normal conditions (pre-pandemic in
challenges that needed to be monitored in the future, in line with the 2019).
Figure 3. Movement of Inflation Rates in Several Countries and Projections (%)
US CPI Inflation Rate (%yoy)
10.0
7.7
8.0
7.0
6.0 6.5
6.2
4.0 3.2
2.0 1.8 2.3
1.4
1.2
0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
EU CPI Inflation Rate (%yoy)
12.0 10.1
10.0
9.0
8.0
6.0 4.9
5.0
4.0 2.4
2.0 1.0 1.3
0.0 (3.0)
(0.3)
(2.0)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2022 2021 2020 2019
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 189
Page 192
Indonesia CPI Inflation Rate (%yoy)
7.0
6.0 5.4
2.6
5.0
4.0
2.7
3.0 2.9
2.6
2.0 1.7 1.9
1.7
1.0 7.7
0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Philippines CPI Inflation Rate (%yoy)
10.0
7.7 8.1
8.0
6.0 4.9
4.0 3.3
4.0
2.3 3.1
2.0 2.4
0.6
0.0
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2023 2022 2021 2020 2019
CPI Inflation Rate Projections for Several Developed Countries from the OECD
10.0 Forecast OECD Sep-23
8.0
6.0
4.0
2.0
0.0
(2.0)
2018 2019 2020 2021 2022 2023F 2024F
US Euro Asia Jepang UK
CPI Inflation Rate Projections for Several Developing Countries from the OECD
10.0
8.0 Forecast OECD Sep-23
6.0
4.0
2.0
0.0
2018 2019 2020 2021 2022 2023F 2024F
India Indonesia Brazil Afrika Selatan
Source: CEIC and OECD, September 2023, Data processed
PT Bank Rakyat Indonesia (Persero) Tbk.
190 2023 Annual Report
Page 193
Management Discussion and Analysis
on Bank Performance
Inflation pressure is predicted to remain high in 2024 due to in oil production by OPEC. Meanwhile, on the food commodity
cost push inflation due to projected global commodity prices side, weather disruption due to the El-Nino phenomenon
(energy and food) which were quite high, both energy and food disrupted food production activities and could push up food
commodities (Figure 4). In terms of energy commodities, prices prices.
were expected to remain high, especially for crude oil due to cuts
Figure 4. World Energy and Food Commodity Price Index Projections (2016 = 100)
250.0
Commodity prices have decreased,
but are relatively high
200.0
150.0
100.0
117.0
105.9
161.5
215.9
166.0
167.4
50.0
2019 2020 2021 2022 2023F 2024F
Source: International Monetary Fund (IMF), October 2023
Second, uncertain geopolitical conditions (Figure 5), could impact on global economic growth. In financial markets, tight
trigger another disruption in the supply chain of primary goods monetary policy reduce global liquidity, which could ultimately
and energy commodities, which could have an impact on trigger instability in the global financial system. Fourth, China’s
increasing global inflation. Third, monetary policy by various economic recovery was lower than previously estimated due
central banks in the world was expected to last for a relatively to slowing industrial activity and consumer demand. This was
longer period of time or what is known as “higher for longer” caused by the ongoing property crisis, weak consumer confidence
(Figure 6). The continued tightness of global monetary policy and high unemployment rates in the productive age group.
could suppress loan growth, which in turn could have a negative
Figure 5. Movement of the Global Geopolitical Risk Index (3M-MA)
300
250
Geopolitical risks are increasing,
200 uncertainty remains high
150
100
50
0
19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
Source: Caldara and Matteo (2022), November 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 191
Page 194
Figure 6. Movement and Projections of the Global Monetary Policy Tracker Index
Tight if value
10.0
Higher for longer to
5.0 high for longer
1.72
0.0
(5.0)
(10.0)
Ease if value < 0
(15.0)
19 19 19 19 20 20 20 20 21 21 21 21 22 22 22 22 23 23 23 23
Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct Jan Apr Jul Oct
Source: Caldara and Matteo (2022), November 2023
The combination of these various challenges was expected to have a negative impact on the pace of global economic recovery in 2023
and 2024. In more detail, the IMF estimated that an economic slowdown in 2024 would occur in many countries, especially the US and
China (Figure 7).
Figure 7. Economic Growth Projections for Several Countries in the World (%)
By Region
Global Economic Growth (%) Economic Growth in Developed Countries (%)
8.0 6.3 8.0
5.6
2023: +0.1% 6.0 2023: +0.3%
6.0
3.5 3.0 3.1 4.0 2.6
4.0 2.8 1.7 1.5 1.4
2.0
2.0 1.2 1.4
2.9 2.9 0.0
0.0
(2.0) (4.2)
(2.8)
(2.0) 2024: (0.2%) (4.0) 2024: 0.0%
(4.0) (6.0)
2019 2020 2021 2022 2023F 2024F 2019 2020 2021 2022 2023F 2024F
Economic Growth in Developing Countries (%)
8.0 6.9 2024: (0.2%)
6.0 4.1
1.7 4.0 4.2
4.0
2.0 4.0 4.0
0.0 (1.8)
(2.0) 2023: 0.0%
(4.0)
2019 2020 2021 2022 2023F 2024F
Actual WEO IMF Jan-23 WEO IMF Oct-23
PT Bank Rakyat Indonesia (Persero) Tbk.
192 2023 Annual Report
Page 195
Management Discussion and Analysis
on Bank Performance
Several Countries
US Economic Growth (%) Euro Area Growth (%)
8.0 8.0 5.6
5.9 2023: +0.7% 2024: (0.4%)
6.0 3.3
4.0 1.6
4.0 1.6
2.3 2.1 2.1 0.7
1.5 1.2
2.0 0.0
1.4 1.0 0.7
0.0
(2.8) (4.0) (6.1)
(2.0) 2024: +0.5% 2023: 0.0%
(4.0) (8.0)
2019 2020 2021 2022 2023F 2024F 2019 2020 2021 2022 2023F 2024F
China’s Economic Growth (%) Indonesian Economic Growth (%)
10.0 8.5 6.0 5.0 5.3 5.0 5.1
2023: (0.2%) 3.7
8.0 4.0 4.8 5.0
6.0
6.0 5.2 2.0 2024: (0.1%)
4.5
3.0 2023: +0.2%
4.0 2.2 5.0 0.0
4.2 (2.1)
2.0 (2.0)
2024: (0.3%)
0.0 (4.0)
2019 2020 2021 2022 2023F 2024F 2019 2020 2021 2022 2023F 2024F
Actual WEO IMF Jan-23 WEO IMF Oct-23
Sumber: International Monetary Fund (IMF), Oktober 2023
Domestic Economic Analysis
The slowing global economy started to have an impact on the economic growth was recorded at 6.3%, lower than the previous
rate of national economic growth. In 2023, the full year national year’s 7.2%. Meanwhile, the European Union’s economic growth
economy grew by 5.05%, lower than the previous year’s 5.31%. also decreased from 3.4% yoy in 2022 to 0.5% in 2023 (Figure
This slowdown was in line with the slowdown in economic 8). Meanwhile, China’s economic growth increased from 3.0% in
growth of Indonesia’s main trading partners in the same period, 2022 to 5.2% in 2023, supported by the easing of restrictions for
including: India and the European Union. In that period, India’s the Covid-19 pandemic and various government stimuli.
Figure 8. Economic Growth of Indonesia’s Main Trading Partners (%)
12.0
25.45% 9.51% 8.30% 7.76% 7.42% 3.48% 4.59%
10.0
8.0
6.0
4.0
2.0
0.5
8.4 3.0 5.2 5.9 1.9 2.5 9.1 7.2 6.3 2.1 1.0 2.0 6.0 3.4 4.3 2.6 1.4 5.7 7.6 5.6
0.0
China US India Jepang European South Korea Filipina
Union
2021 2022 2023
Source: Central Statistics Agency, November 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 193
Page 196
Based on aggregate demand, the national economic growth On the other hand, the investment / PMTB component increased
rate declined in 2023 due to slowing household consumption (2023 = 4.40%; 2022 = 3.87%) supported by national strategic
growth (2023 = 4.82%; 2022 = 4.94%) and slowing exports projects and the construction of a new capital. Another
(2023 = 1.32%; 2022 = 16, 23%) (Figure 9). The slowdown in component supporting GDP growth is government spending
domestic consumption is in line with slowing people’s purchasing which increased (2023 = 2.95%; 2022 = -4.47%) as the election
power, which is reflected in the worsening sales growth of retail momentum approaches and social assistance to mitigate the
companies and the decline in the core inflation rate. Meanwhile, economic slowdown. Meanwhile, imports contracted (2023 =
exports slow down due to slowing global economic activity, -1.65%; 2022 = 15.00%) as economic activity and domestic
especially in Indonesia’s trading partner countries. production slowed.
Figure 9. Growth of Indonesian Aggregate Demand Components (%)
2.55% 1.38% 0.22% (0.34%) 0.32%
16.23
15.00
4.94
4.82
4.40
3.87
2.95
1.32
(1.65)
(4.47)
RT consumption Investment / PMTB Government Expenditures Import Export
2018 2019 2020 2021 2022 2023
Source: Central Statistics Agency, January 2024;
The numbers in the green box are the contribution of these variables to Indonesia’s economic growth Q4-2023
Sectorally, almost all business fields showed slow growth in 2023. was also in a slowing trend. However, several sectors recorded
One of the main causes was the slowdown in the manufacturing increased growth, namely the financial, construction and mining
sector (2023 = 4.64%; 2022 = 4.89%) which contributed 18.67% sectors. Meanwhile, spatially, economic growth was quite strong
to GDP. Apart from that, growth in the trade sector (2023 = 4.85 throughout Indonesia, especially in Kalimantan, supported by the
%; 2022 = 5.53%) and agriculture (2023 = 1.30 %; 2022 = 2.25%) new capital development project.
Figure 10. Indonesian Economic Growth Based on Business Fields (%)
18.67% 12.94% 12.53% 10.52% 9.92% 5.89% 4.23% 4.16% 16.76% 4.38%
19.87
15.14
13.83
13.96
7.73
7.59
6.82
6.12
6.10
5.53
4.91
4.94
4.95
4.89
4.85
4.77
4.64
4.63
4.38
3.60
3.24
3.39
4.0
2.81
2.25
1.93
2.01
1.87
1.56
1.30
Trade and Agriculture and Transportation Finance and
Manufacture Mining Construction Infocom Other Taxes-Subsidies
Reparations Fisheries and Warehouse Insurance
2021 2022 2023
Source: Central Statistics Agency, January 2023; The numbers in the green box are the contribution of these variables to Indonesia’s economic growth 2023
PT Bank Rakyat Indonesia (Persero) Tbk.
194 2023 Annual Report
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In the future, Indonesia’s economic growth is predicted to From the banking side, the annual growth rate of industrial
modestly slow. This is evident by monitoring the movement of credit is starting to increase in all economic sectors, but this
indonesia’s LEI which has been decreasing and contracting. Apart needs to be addressed carefully. Credit growth in November
from that, there was the threat of the El-Nino phenomenon which 2023 was recorded to have increased to 9.7% yoy from 9.0%
may support an increase in domestic inflation. The El-Nino period yoy in the previous month. However, this figure is lower than
caused drought in various regions in Indonesia, which in turn the position at the end of 2022 of 11.3% yoy. Even though
could have an impact on food production activities, and lead to credit growth is in a slowing phase, credit quality is relatively
an increase in domestic inflation. This condition could negatively well maintained and stable. In December 2023, the gross value
impact people’s pirchasing power in the short term, which could of Non-Performing Loans (NPL) was recorded to move steadily
suppress national economic growth. and was below 3%, namely 2.36%. Meanwhile, banking industry
liquidity is increasingly limited amid policy tightening. Third
However, in the short term there are several driving factors that Party Funds (DPK) growth slowed to 3.0% yoy in November
could support national economic growth, including the potential 2023, from 8.9% yoy in the same period the previous year.
for increased government spending to support slowing public TPF growth was expected to be increasingly limited due to BI’s
consumption, the continuation of various infrastructure projects tight monetary policy and people’s saving ability weakening.
which were delayed due to the pandemic, the potential for domestic
and foreign investment in the energy and commodity sectors,
and the general election in 2024. With these various conditions,
Indonesia’s economic growth was estimated to grow by 4.89%-
5.18% in 2023 and 4.81%-5.10% in 2024
Table 1. Realization of National Economic Indicators
Indicator 2023 (latest data) 2022 2021
Economic Growth (yoy) 5.05% 5.31% 3.70%
BI 7 Days rate 6.00% 5.50% 3.50%
Inflation (yoy) 2.61% 5.51% 1.87%
Exchange Rate (IDR/USD) 15,397 15,568 14,253
National Credit Growth 9.74% 11.35% 5.24%
National TPF Growth 3.04% 9.01% 12.21%
Gross Non-Performing Loans 2.36% 2.44% 3.00%
Source : Bank Indonesia, CEIC, Bloomberg, SPI OJK November 2023
Banking Industry Analysis
In the midst of high US interest rates and the belief that In November 2023, total assets in the national banking industry
this condition will last longer than previously estimated, the was reached IDR 11,428 trillion or an increase of 5.1% yoy.
Indonesian banking industry remains stable and resilient, The same trend occurred in commercial bank loans which grew
supported by the Capital Adequacy Ratio (CAR) as of November 9.7% yoy to IDR 6,966 trillion. This shows that demand for
2023 at the level of 25.82%, an increase of 2, 40% compared credit in Indonesia is quite strong amidst economic and political
to the same period in the previous year, indicating the adequacy uncertainty during the election era. The number of Covid-19
of industry capital in facing global conditions which are restructuring loans also continues to decline in line with national
characterized by VUCA, It is Volatility, Uncertainty, Complexity economic growth with credit quality remaining maintained with
and Ambiguity. Apart from that, there is tightening liquidity in Non-Performing Loans (NPL) in November 2023 amounting to
the banking industry as shown by the Loan to Deposit Ratio (LDR) 2.36%, which is an improvement compared to November 2022 of
in November 2023 of 84.78% or an increase of 5.18% compared 2.65%. Credit quality is currently controlled below the maximum
to November 2022. level of 5% set by the regulator. Apart from that, Third Party
Funds (TPF) also grew positively by 3.0% yoy to IDR 8,216 trillion.
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In terms of profitability, the national banking industry recorded better than November 2022 of 2.47%. The banking industry
an increase in profitability as indicated by an increase in ROA. The recorded a net profit in November 2023 of IDR 221,626 billion
ROA of the Banking Industry in November 2023 reached 2.72%, or a significant increase of 18.2% compared to November 2022.
Table of Performance Banking Industry
Indikator Nov 2023 Nov 2022 2022 2021 2020 2019
Assets (IDR billion ) 11,427,957 10,874,853 11,113,321 10,112,304 9,177,894 8,562,974
Third Party Funds (IDR billion ) 8,216,207 7,974,132 8,153,590 7,479,463 6,665,390 5,998,648
Loans (IDR billion ) 6,965,899 6,347,472 6,423,564 5,768,585 5,481,560 5,616,992
Net Profit (IDR billion ) 221,626 187,579 201,187 140,206 104,718 156,487
Capital Adequacy Ratio /CAR (%) 27.86 25.47 25.66 25.67 23.89 23.40
Non Performing Loan /NPL Gross
2.36 2.65 2.44 3.00 3.06 2.53
(%)
Net Interest Margin (NIM) (%) 4.83 4.70 4.71 4.51 4.45 4.91
Return on Assets /ROA (%) 2.72 2.47 2.43 1.84 1.59 2.47
Operating Expenses and
76.80 77.51 78.65 83.58 86.58 79.39
Operating Income/BOPO (%)
Loan to Deposits Ratio / LDR (%) 84.78 79.60 78.78 77.13 82.54 94.43
Source: Indonesian Banking Statistics, Otoritas Jasa Keuangan, November 2023
Analysis of BRI’s Position In The Banking Industry
As a comparison of BRI’s performance against the banking industry, the following is a breakdown of BRI’s growth performance compared
to the general banking industry.
Table of BRI’s Growth Performance Compared to the Banking Industry
(Bank Only, in % CAGR 2019-2023)
Performance BRI Banking Industry
Asset 9,15% 7,96%
Loan 8,25% 5,97%
Thrid Party Funds 8,75% 8,41%
Interest Income 6,20% 4,10%
Interest Expense 0,21% 0,07%
Net Interest Income 8,72% 8,20%
Operational Income Other Than Interest 7,53% 6,54%
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Performance BRI Banking Industry
Operational Expenses Other Than Interest 8,32% 9,47%
Operational Profit 11,91% 11,33%
Net profit 11,90% 11,55%
Source : BRI Financial Report November 2023; Indonesian Banking Statistics (BPS), Otoritas Jasa Keuangan (OJK), November 2023
The total loans distributed by BRI until November 2023 reached In carrying out its operations, BRI continues to improve efficiency
IDR 776.6 trillion. BRI’s credit growth in November 2023 increased and maintain productivity. The efficiency carried out is reflected
by 8.25% (CAGR 2019-2023) which was above industrial credit in the BOPO ratio in November 2023, BRI’s BOPO is at the level of
growth of 5.97% (CAGR 2019-2023). BRI’s NPL in November 2023 64.67%, below the BOPO in the banking industry which is at the
was 3.24%, slightly above the industry’s 2.36%, in line with BRI’s level of 76.80%.
strategy to accelerate the resolution of Covid-19 restructured
loans by assessing credit risk in accordance with the debtor’s Achieving good performance was able to support BRI’s profit
condition and dowgrading loans that cannot be restructuring achievement in November 2023 of IDR 39 trillion or growth of
can be carried out even though according to regulations it is 11.90% (CAGR 2019-2023) above industry growth of 11.55%
possible to carry out restructuring and recognize the quality of (CAGR 2019-2023). BRI’s better net profit growth compared to
the restructured loans in the current category. the industry is supported by growth in interest income, interest
expense efficiency and better growth in non-interest operating
In November 2023, BRI’s Third Party Funds reached IDR 1,297 income compared to the industry.
trillion with growth of 8.75% (CAGR 2019-2023), above the banking
industry’s TPF growth of 8.41% (CAGR 2019-2023). BRI is selective BRI’s profitability ratio is still better than the national banking
in TPF growth with a growth focus on CASA in line with BRI’s strategy industry. This can be seen from BRI’s better Net Interest Margin
to strengthen retail banking capabilities in order to reduce the Cost (NIM) ratio, namely 6.89%, while the Banking Industry NIM is at
of Funds. BRI’s liquidity is well maintained, as can be seen from 4.83%. Apart from that, Return on Assets (ROA) reached 3.10%
BRI’s LDR for November 2023 at the level of 89.56%, higher than while in industry it reached 2.72%.
the Industrial LDR of 84.78%.
Table of BRI Ratio Comparison to the Banking Industry
(Bank Only, in %)
BRI Banking Industry
Performance Ratio
(November 2023) (November 2023)
Capital Adequacy Ratio (CAR) 26,13 27,86
Non Perfoming Loan (NPL) Gross 3,24 2,36
Net Interest Margin (NIM) 6,89 4,83
Return on Assets (ROA) 3,10 2,72
Operating Expenses and Operating Income (BOPO) 64,67 76,80
Loan to Deposits Ratio (LDR) 89,56 84,78
Source : BRI Financial Report November 2023; Indonesian Banking Statistics (BPS), Otoritas Jasa Keuangan (OJK), November 2023
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Operational
Review
Bank Strategy
The Indonesian banking landscape in the future will be redefined 2. Inclusive Financial Champion, indicated by BRI’s role and
by 7 (seven) trends, namely (1) Demographic developments, contribution in helping Indonesia to achieve 90% of the
(2) Changes in customer behavior, (3) Implementation of financial inclusion target through expanding banking
Environmental, Social and Governance (LST) based business services to ~55 million unbanked population.
models which have increased significantly, ( 4) Regulatory
changes, (5) Continued low interest rate trends, (6) Advances These aspirations has been pursued through a transformation
in data and technology, and (7) Shifts in industry structure as a scenario entitled BRIvolution 2.0. The spirit of transformation
result of the emergence of digital financial service providers. In that has been ongoing since 2018 has continued with the
the future, Indonesian banking revenues were predicted to be strengthening and sharpening of several aspects in accordance
driven by non-linear growth in 4 (four) segments (UMi, Micro, with external conditions that have experienced extreme changes.
SME, and mass affluent group) and 3 (three) product categories BRIvolution 2.0 represents the Company’s spirit to create a
(wealth banking, transaction banking, and multi-finance). On the higher quality, stronger and more sustainable BRI.
other hand, the Covid-19 pandemic has significantly disrupted
the national banking industry. The Covid-19 pandemic had BRIvolution 2.0 has been implemented in 3 (three) persistent
become a catalyst for changes in consumer behavior, customers phases interconnected with each other. 2021 and 2022 became
were increasingly accustomed to the use of digital technology. the initial phase of the journey where in this period; the Company
This encouraged the need for digital banking services to become focused on internal strengthening as a provision to scale up and
increasingly higher and to merge with customer activities and scope up business coverage in 2023 and 2024, in order to maintain
lifestyles. BRI’s leadership and market dominance in the Southeast Asia
region in 2025 and so on.
Various policies implemented by the Government regarding
controlling Covid-19 succeeded in bringing Indonesia out of the In the era of digitalization, the banking world experienced a
pandemic. Until finally in June 2023, the Indonesian government deep transformation through the development of information
officially revoked the pandemic status and declared Covid-19 technology. Artificial intelligence (AI), cloud computing and
an endemic disease. Thus, economic recovery efforts that had cyber security became the main pillars that shape the new face of
been promoted since the gradual lifting of the Community the financial sector. The implementation of artificial intelligence
Activity Restrictions policy could certainly be carried out more not only improved operational efficiency, but also strengthened
acceleratedly in several sectors without restrictions like during transaction security and enables personalization of services
the previous pandemic. As a state-owned business entity, BRI to customers. Meanwhile, the adoption of cloud computing
has a role in supporting national economic resilience through technology provides flexibility and faster data access, forming a
banking activities provided by encouraging the acceleration of responsive and dynamic banking ecosystem.
financial inclusion for the Indonesian people at large. On the
other hand, BRI, also a Public Company, is required to remain However, in this transformation journey, BRI also has responsibility
a business entity to maintain the quality of its business so for environmental, social and governance (ESG) factors. BRI
that it can generate profits as one of the value generators for increasingly realizes the importance of sustainability in banking
shareholders. By accommodating these two main interests, BRI business strategy. By integrating ESG and IT principles into the
has then set its long-term plan aspirations for the 2021-2025 company’s strategic plan, BRI not only meets the expectations
period to become The Most Valuable Banking Group in Southeast of a market that is increasingly focused on sustainability, but also
Asia and Champion of Financial Inclusion with the following creates a solid business foundation for the future. Sustainability
parameters: is not just an option, but a foundation for building an independent
1. Most Valuable Banking Group in Southeast Asia (Most and inclusive society.
Valuable Banking Group in Southeast Asia), indicated by a
market capitalization value of USD 75 billion.
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Amidst all the innovations, cyber security also stands out as a key 2. Product and Services
aspect that should not be overlooked. Digital banking is faced Digitalizing business processes to reduce overhead costs
with the challenges of protecting customer data and increasingly and as an effort to improve services to customers through
complex infrastructure. Therefore, BRI bank’s future strategy is developing customer-centric products, strengthening IT
focused on efforts to strengthen BRI’s retail banking business and system reliability, complaint handling management, and
increase the contribution of Subsidiaries to the profitability of the creating a risk-aware culture. Some of the business process
BRI Group by: digitalization initiatives that BRI has carried out in each
1. Asset and Liabilities Management (CASA, Selective Expansion, segment include:
CoC Control) a. Micro through the creation of a new business model
2. Diversification of Growth Sources (Retail Segment, Subsidiaries) through the Loan officer scheme of hiring agents,
3. Implementation of ESG Principles expanding the PARI application business, as well as
4. Operational Support Reliability (Digital Capability, HC increasing the capacity of BRILink Agent services.
Competency, Customer Experience, Risk Management, Data b. SMEs through strengthening transaction led business
Analytics) models, business value chains, rejuvenating the early
warning system for SME loans assessment.
Short Term Strategy c. Funding through strengthening BRImo’s capabilities as a
super App and executing a close loop payment ecosystem
BRI’s short-term strategy is an integral part of the long journey of to encourage an increase in savings market share.
BRIvolution’s transformation towards The Most Valuable Banking d. Corporate and Institutional through strengthening and
Group in Southeast Asia and Champion of Financial Inclusion in improving the performance of the Qlola platform.
2025. To realize this aspiration, BRI is aware of the many challenges e. Treasury and Global Services through digitizing customer
that come from external and internal to the Company, so strategic driven products through the trade asset distribution
planning is needed. responses to respond to these conditions business program, updating BRIefx 1.2, digitizing
through several short-term strategies set out in the destination QRIS banknotes transactions, and developing the RDN
statements each year. Apart from that, BRI also focuses on transaction feature at BRImo.
sustainable finance through the implementation of Environment, f. Risk through improving superior operational services
Social and Governance (ESG) so that BRI not only grows but also through the use of artificial intelligence and zero
cares about business and environmental sustainability. In the short tolerance for fraud as well as strengthening end-to-end
term, BRI focuses on strengthening retail banking capabilities to IT governance and utilization of the talent mix.
encourage increased market control amidst massive competition g. Operations through the implementation of a payment
in the banking industry. BRI’s short-term strategic focus for 2023 hub for payment system integration and improving
included as follows: BRISPOT as a powerful sales tool, digital assessment and
loan platform.
1. Financial h. Network through digitalization of contact centers and
Increasing BRI’s profitability through strengthening the strengthening complaint handling.
business of each segment, by focusing on:
a. Micro Banking by strengthening the micro segment through 3. Culture Capabilities
the rejuvenation of conventional products and the use of It is strengthening a culture that supports sustainable growth
technology in the form of micro lending and micropayments, through increasing employee capabilities, sharpening a risk-
as well as rejuvenating the micro organizational structure aware culture through the integration of BRILian Ways,
to increase coordination efficiency. integration of BRI One Culture in the BRI Group to support
b. Retail Banking by strengthening the ecosystem-based effective organization and strengthening innovation
retail segment, optimizing value chain potential through management. Several initiatives undertaken by BRI to
digitizing business processes and focusing on improving the strengthen culture in each segment include:
quality of retail credit a. Micro by increasing the capabilities of loan analysts
c. Wholesale Banking by digitizing reliable business processes through education and developing reliable supporting
and becoming a feeder to other segments. tools.
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b.SME by increasing RM SME productivity in terms of Medium Term Strategy
recruitment patterns, providing tools and models in
planning and performance reviews. BRI’s innovation and exploration of new sources of growth have
c. Funding through business refocusing and strengthening implications for the Company’s increasingly complex business. On
the role of Metro area Branch Offices to support improved the other hand, post-pandemic instability requires BRI to remain
retail banking services and capabilities. agile in responding to business challenges and opportunities both
d. Corporate and Institutional through increasing RM now and in the future. In general, BRI’s short-term strategy refers
building capabilities both in terms of knowledge and to the long-term strategy framework (Corporate Plan 2021-2025)
talent pooling. which focuses on 5 (five) main business pillars, namely Micro,
e. Treasury and Global Services through business Small and Medium Segments, Consumer, Corporate (including
development of overseas work units by preparing Treasury and Global Services), and Subsidiaries. The five will be
feasibility studies and overseas network proposals in supported by reliable digital technology capabilities, competent
Europe human capital capacity, and careful distribution channel
f. IT through digital talent transformation in facing digital management. For this reason, in 2023-2025 the corporate
era competition. strategy, BRI implements:
g. Networking through the transformation of bank 1. CASA Sustainability
operational officers in work units to focus on sales Increasing CASA market share, by developing the ecosystem
activities through frontliner roles and other functions through territorial control and referrals by relying on
more dynamically. transaction tools and cash in/cash out capability.
4. Network Optimization 2. Focus on Quality of Growth
Optimizing BRI’s work network and improving customer BRI’s productive assets grow with maintained quality,
experience through business process re-engineering, focusing on assets with high returns and accelerating new
structuring work networks, increasing the role of BRILink sources of growth.
Agents to expand reach to customers, increasing operational 3. Optimalisasi Sinergi Entitas Anak
system reliability, competitive merchant solutions and Acceleration of increasing the business scale of Subsidiaries
optimizing alternative channels to support self-service either through synergy or independently and expanding the
transactions. Several initiatives that BRI has carried out scope of the Parent Entity’s business, completing the Post
to optimize its work network and strengthen customer Implementation Plan for UMI as a source of new growth in
experience for each business line include: line with the implementation of BRI one culture.
a. Retail by increasing digital capabilities through digital 4. ESG Principle Implementation
consumer loans marketing platform initiatives. BRI commits to implementing business management
b. Funding through improving merchant business processes principles that follow the values of good business governance
and through increasing success rates, improving to have a positive impact on the environment (deliver value
unbalanced payments, merchant development, beyond profit).
improving end of day EC. business model development 5. Excellence Enablers
c. Treasury and Global Services through process Continuing to strengthen worker capabilities, system
improvements and more effective monitoring of reliability, services and networks, as well as analytical data to
business activities through upgrading Guava version 3.3, provide superior quality banking services.
developing the Bank Line Analysis System, digitizing the
implementation of MR in the BRI custodian system. Long Term Strategy
d. IT through the use of open APIs to support superApps
and hyper ecosystem applications, improving IT platform Digital transformation has changed the banking paradigm
resilience to support the open banking era, data driven by introducing technologies such as artificial intelligence
organization to support decision driven and data analysis, (AI), big data analysis, and digital banking services. BRI is
and agile IT governance to support IT level maturity. moving from a traditional model to a decentralized model,
e. Operations through the implementation of centralized offering higher efficiency, faster service and better security. As
operations console, reconciliation and end to end cash consumer behavior changes, increasingly prioritizing personal
management. and instant experiences, the bank must adapt by providing
f. Network through regional potential studies and business responsive services and prioritizing transaction security. In
process re-engineering by implementing automation and the midst of global conditions full of uncertainty, BRI’s long-
digitalization of transactions in banking halls through term strategy must integrate cross-border collaboration,
developing remote channel capabilities in order to portfolio diversification, and corporate social responsibility
increase the effectiveness of customer service, as well as to manage risks and answer sustainability demands. BRI
operational business processes. continually evaluates the Company’s Long Term Plan under
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the name BRIvolution to maintain relevance company with Retail Banking Capabilities in 2023. In 2023 was the expansion
ever-changing changes. stage of the 3 (three) BRI transformation phases, namely:
1. Strengthening main business (2021-2023)
In 2023, BRI used BRIvolution 2.0 (Company Long Term Plan 2. Increasing the scale and scope of BRI Group’s business (2024)
2021 - 2025) with the company’s vision to become “The Most 3. Maintaining top tier status in Southeast Asia (2025)
Valuable Banking Group in Southeast Asia and Champions of
Financial Inclusion” in 2025. BRI carried the theme Strengthen
Marketing Aspect
Marketing Strategy
In order to increase BRI’s business in terms of income, savings, relevant positioning for each target audience in each segment
and loans, support for integrated marketing activities between so as to increase brand value for BRI.
BRI products, services, and services is needed (integrated
marketing communication). The integrated marketing BRI routinely carries out Brand Health Tracking (BHT) to monitor
strategy aims not only to increase sales of products, services brand achievements so that in the future it can set target levels
and programs owned by BRI, but is also needed to increase of consideration and brand image in accordance with market
awareness and consideration, consideration, knowledge and competitive conditions. BRI can maintain rank 1 (one) at several
engagement with existing customers (increasing loyalty) and consideration levels such as the BRI Simpedes Savings brand
prospective customers (increasing awareness, consideration and BRIguna Credit. Apart from that, BRI can also obtain a
and purchase intention) according to the customer’s life consideration level for the BRI Giro brand by achieving rank 2
journey so that BRI’s business can continue to develop and be (target rank 3), as well as maintaining a consideration position for
sustainable. It is hoped that by implementing an integrated the BRI BritAma and BRImo Savings brands. In the future, BRI will
marketing communication strategy combined with the use add conversations on social media and blogs in the top 3 (three)
of effective and efficient media, optimal awareness and rankings for KPI brands.
consideration will be achieved as well as appropriate and
In order to reach a wider market, carry out financial literacy and maintain engagement with customers packaged in an attractive way, here
are several of BRI’s superior programs in 2023, including:
1. Pesta Rakyat Simpedes (PRS) 2023
Pesta Rakyat Simpedes (PRS) or Simpedes Folk Festival more confident in taking advantage of all new business
is an annual event presented by BRI Simpedes Savings opportunities to become winners in the future. The
and also makes the Pesta Rakyat Simpedes a campaign Simpedes Folk Party carries 6 pillars, namely:
activity for BRI Simpedes Savings and empowers MSME 1. Market: It is an MSME Bazaar that provides MSMEs with
customers with attractive and educational packaging. opportunities to develop their business, as well as improve
Pesta Rakyat Simpedes in 2023 was packaged with a hybrid the transaction ecosystem in the Micro business segment.
method (offline and online streaming), with the theme 2. Stage: This is entertainment and educational content
“Confident in Seizing Opportunities”, which together with in the PRS event which is packaged in a music and
BRI Simpedes Savings is here to encourage MSMEs to be knowledge stage with an edutainment concept.
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3. Parade: This is a series of PRS activities in the form of an The 2023 Pesta Rakyat Simpedes was held at 382 points
Internal Parade, namely raiding markets/other business throughout Indonesia from west to east Indonesia. Of the
centers in the period of 1 week before the PRS event is 382 points, the Main Pesta Rakyat Simpedes was held in
held, while an External Parade is a demonstration by 5 (five) cities, including Bandung, Denpasar, Makassar,
communities and BRI-assisted clusters which is paraded Malang and Yogyakarta. Meanwhile, the Territorial
on the main street of PRS City. Simpedes Folk Festival was held in 15 cities, namely
4. X’sis Corner: It is a forum/community corner that Medan, Bukit Tinggi, Palembang, Tasikmalaya, Purwokerto,
provides an opportunity for a community to express Pekanbaru, Pati, Gresik, Lampung, Singkawang, Samarinda,
itself. The aim is to open opportunities for BRI’s micro Kendari, Palu, Madiun and Sorong and other points were
business segment to enter the community ecosystem. held at the BRI Branch Office level spreading across 382
5. Caring: The Caring Pillar is realized through free health cities/regencies/sub-districts. Pesta Rakyat Simpedes
checks, blood donations and other charity activities. event was successfully attended by 4,945 MSME players
6. Harvest: Ceremonial presentation of prizes to the and as many as 264,195 visitors. Pesta Rakyat Simpedes
winners of the Simpedes Prize Harvest Program which 2023 was even more lively with various special prizes and
was previously drawn. BRI shares game prize and door the Simpedes Prize Harvest draw as the highlight of this
prizes during the PRS event. year’s party.
2. UMKM EXPO(RT) BRILIANPRENEUR 2023
BRILIANPRENEUR is an annual event held by BRI since 2019. of the Republic of Indonesia Joko Widodo, MSME EXPO(RT)
This year the UMKM EXPO(RT) BRILIANPRENEUR 2023, BRILIANPRENEUR 2023 succeeded in recording a business
which was part of BRI’s 128th anniversary, was held at the matching sales value of USD 81.3 million dollars or around
Jakarta Convention Center on December 7-10, 2023 with the IDR1.26 trillion (assuming an exchange rate of IDR15,500 per
theme “Crafting Global Connection”. BRI invited 700 curated USD). The value of the agreement through business matching
MSMEs and there were five categories of MSME EXPO(RT) continued to increase from year to year this event was held.
BRILIANPRENEUR this year that could participate, namely As is known, in 2019 the value of business matching reached
home decor and craft, food and beverage, accessories and USD33.5 million, increasing in 2020 to USD57.5 million and
beauty, and fashion and literature, as well as healthcare/ in 2021 again increasing to USD72.1 million. Then in 2022
wellness. The MSME EXPO(RT) BRILIANPRENEUR event the value reached USD76.7 million. Indonesian SOEs Minister
itself was organized by BRI as a means of business matching Erick Thohir appreciated the various programs that had been
between Indonesian MSMEs and foreign consumers, so that implemented by BRI, including empowerment programs
it was hoped that it was able to develop MSME players to go such as MSME EXPO(RT) BRILIANPRENEUR 2023 which have
global and increase national exports. Opened by the President proven successful in turning around the economy as a whole.
3. KPR BRI Property Expo
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KPR BRI Property Expo is a marketing event for KPR BRI BRI in green environmental development. BRI acted as a
in collaboration with selected developer partners. This banking pioneer that provided housing financing with a
activity aims to make it easier for BRI customers and green concept.
prospective customers to choose and buy a house using
BRI KPR. During 2023, the KPR BRI Property Expo will be There are several KPR BRI Property Expo 2023 series,
held in 4 cities, including Bandung, Medan, Makassar, and including talk shows, podcasts, master classes, various
Semarang. competitions such as fashion shows, modern dance,
MUA competitions, and coloring competitions, as well as
BRI customers and prospective debtors could also enjoy consultation sessions with interior design experts from
convenience through the HOMESPOT digital platform as a Informa. BRI also collaborates with home and living
mortgage ecosystem engine which is a one stop solution merchants from Informa and Informa Custom Furniture.
digital platform, which allowed end users or visitors, partner Not only a series of events but various interesting
developers, property brokers, insurance, contractors to be promotions are also presented by BRI. Starting from
connected in one ecosystem. Green Housing Financing was discounts and direct discounts using BRI Debit Cards, BRI
also presented as a form of support and concrete steps for Credit Cards, and BRImo.
4. BritAma Tanam Kebaikan
BRI through the BriAma Tanam Kebaikan or BritAma from the capital city. The BritAma Planting Virtue program
Planting Virtue program encouraged environmental with BenihBaik collected 33,000 Mangrove Trees planted
sustainability. In this case, BRI converted customers who in various regions in Indonesia. These include Lampung,
opened a digital BritAma Savings account with a minimum Semarang, Makassar, Banjarmasin, Bali, and Papua. The
balance of IDR1 million into 1 mangrove tree donated BritAma Planting Virtue planting ceremony was held
through the mangrove planting program together with directly in Tanjung Benoa Bali on December 4, 2023 and
BenihBaik. The BritAma Tanam Kebaikan program was had a positive impact on BRI customers and the Indonesian
a form of collaboration between BRI and BenihBaik, as people because it was a form of BRI’s commitment to
an effort to increase customer awareness of planting always giving meaning to Indonesia. BRI realizes that steps
mangrove trees, and roadshows were held in various areas to preserve the earth need to be encouraged. Because the
from universities to shopping centers. This program invited increase air pollution shows the importance of planting
the academic community and the community to participate trees.
in planting mangrove trees. The University of Indonesia
was the first destination in this road show, followed by Apart from the programs above, BRI also actively carried
Gadjah Mada University, Trans Studio Mall Bali, Airlangga out various activities aimed at increasing awareness and
University, Delipark Mall Medan, Hasanudin University, consideration, acquisition, and loyalty to customers in
and Duta Mall Banjarmasin. The event was enlivened by various segments, in the form of activation activities,
various activities ranging from futsal competitions, MSME sponsorships, and conducting campaigns through mass
bazaars, charity, inspirational talk shows with public media, social media, and other media to reach the target
figures, art performances to entertainment from artists audience for each product.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Market Share
BRI’s position compared to the banking industry can be seen based on the total assets, the total amount of third party funds, and the
total loans disbursed as follows.
Pie Chart of BRI Market Share compared to the Banking Industry November 2023
15.52% 16.67% 15.78%
1,773 Trillion 1,161 Trillion 1,297 Trillion
84.48% 83.33% 84.22%
11,428 Trillion 6,966 Trillion 8,216 Trillion
Assets Loan Third Parties Funds
BRI Banking Industry
Table of BRI Market Share compared to the Banking Industry
(In IDR Billion)
Description Information November 2023 November 2022 Growth yoy (%)
Banking Industry 11.427.957 10.874.853 5,1%
Assets BRI 1.773.849 1.679.053 5,6%
Market Share (%) 15,52% 15,44%
Banking Industry 6.965.899 6.347.472 9,7%
Loan BRI 1.161.218 1.014.328 14,5%
Market Share (%) 16,67% 15,98%
Banking Industry 8.216.207 7.974.132 3,0%
Third Parties Funds BRI 1.296.541 1.233.832 5,1%
Market Share (%) 15,78% 15,47%
Source : BRI Financial Report November 2023; Indonesian Banking Statistics (BPS), Otoritas Jasa Keuangan (OJK), November 2023
Based on total assets, BRI’s total asset growth was 5.6% (yoy) increase compared to November 2022 which was 15.98%. The
or reached IDR 1,773 trillion in November 2023, surpassing the credit growth strategy in order to increase market share is carried
growth of the national banking industry which grew at 5.1% out through increasing the capabilities of marketers in each
(yoy). Thus, in November 2023, BRI controls 15.52%, an increase segment accompanied by reliable tools, improving organizational
compared to November 2022 which was 15.44% of total national structures that increase effectiveness and business processes,
banking assets of IDR 11,428 trillion. providing credit selectively by optimizing value chain potential
and maintaining optimum credit quality by development of
On the loan side, until November 2023 BRI succeeded in growing support systems.
loans 14.5% (yoy) to IDR 1,161 trillion. BRI’s credit growth was
above national banking credit growth which grew by 9.7% (yoy), In terms of collecting Third Party Funds, the total TPF collected
reaching IDR 6,966 trillion. Thus, in November 2023 BRI’s credit by BRI grew 5.1% (yoy) to IDR 1,297 trillion or reached a 15.78%
market share of the total banking industry reached 16.67%, an increase compared to November 2022 which was 15.47% of the
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
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total Industrial TPF Banking IDR 8,216 trillion in November 2023. ecosystem, increasing BRI’s digital banking capability BRImo as a
This achievement was of course carried out by collaborating between capable SuperApps, strengthening BRI Group synergy in increasing
segments to increase BRI’s market share in the banking industry BRI funds, as well as business development Ultra Micro partnership
through strengthening control of merchant business in BRI’s main and strengthening fund acquisition from the Micro ecosystem.
Operational Review Per Business Segment
A segment is a distinguishable component of the BRI and segments) classified into micro, retail, corporate and others as well
subsidiaries that engaged either in providing certain products as subsidiaries, and based on geographical segments.
(operational segment), or in providing products within a particular
economic environment (geographical segment), which is subject to The geographical segment includes provision of products or services
risks and rewards that are different from those of other segments. within a particular economic environment with different risks and
BRI and subsidiaries present operational segments based on the returns compared to other operating segments in other economic
internal consolidated report that is presented to the Board of environments. BRI’s geographical segments divided by Indonesia,
Directors as the operational decision maker. BRI has identified and United States of America, Hong Kong, Singapore, Timor Leste and
disclosed financial information based on main business (operational Taiwan.
BUSINESS SEGMENT
OPERATING GEOGRAPHIC
SEGMENT SEGMENT
Micro Segment Retail Business Corporate Segment Other Segemnt Subsidiaries Indonesia
United State of
Small and Medium Corporation PT Bank Rakyat America
Micro Business Treasury Business
Business Business Indonesia Tbk
Syndication Business Singapore
Consumer Loan International BRI Remittance Co.
BRILink Service and Non-Bank FInancial
Business Institution Services Business Limited Hong Kong
Timor Leste
Social Deposit Business Institution and Capital Market
Entrepreneurship & and Retail Banking Transaction Banking Supporting Services PT Asuransi BRI Life
Incubation Program Services Business Business
Hong Kong
PT BRI Multifinance
Indonesia
Taiwan
PT BRI Danareksa
Sekuritas
PT BRI Ventura
Investama
PT BRI Asuransi
Indonesia
PT Permodalan
Nasional Madani
PT Pegadaian
PT BRI Manajemen
Investasi
PT Bank Rakyat Indonesia (Persero) Tbk.
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Operating Segment
Operating Segment Explanation and Productivity Micro Segment
For management purposes, BRI is organized into 5 (five) operating The micro segment is intended to serve the needs of banking
segments based on products which are as follows: products and services for individual customers and micro
• Micro Segment entrepreneurs in the context of empowering community
• Retail Segment businesses. The micro segment includes Micro Business, BRILink
• Corporate Segment Services and Social Entrepreneurship and Incubation Program.
• Other Segments
• Subsidiaries
MICRO BUSINESS DIRECTORATE PERFORMANCE SUMMART
Entering 2023, the economic and social situation returned to processes and business models, strengthening analytical data
normal after the pandemic. The micro segment focused on and risk management as well as shifting the business approach of
the company’s aspirations to “strengthen retail banking”, by the micro segment from a finance approach to an empowerment
developing a holistic strategy for the 2023 micro segment by approach.
encouraging commercial loan growth and controlling funds in an
ecosystem based on the rural saving concept. The commercial The Micro Segment strengthened the organization by improving
loan growth strategy (Kupedes) became part of KUR’s soft the revitalization of the loan officers, reorganizing the Micro
landing, in line with the implementation of the new KUR policy Business Manager and replotting Head Units adjusted to
in 2023 which focused on customer equality and focuses on their competencies, namely being able to compete strongly
customer equality and graduation. The growth of the commercial in urban or rural areas. The change in business approach to
segment (Kupedes) was driven by the customer base built during an Empowerment Approach is also demonstrated through
the 2020 - 2022 pandemic and recovery period of 2 million the expansion of the Kupedes Rejuvenation business process,
customers. With the support of big data analytical capabilities, Simpedes BISA, KECE 2.0, KECEKU (Automatic Supplement
it could generate quality growth pipelines. As a result of this Feature), UMi Agent Partner Business Model and enhancement of
strategy, the micro segment was able to grow yoy by 10.4% with BRILink Agent services. Strengthening analytical data to support
NPL quality maintained at 2.4% and contributed to non-KUR loan decision making, including more structured pipeline and activity
growth yoy by 39,62%. management, as well as the use of customer behavior profiling to
build more relevant risk management. Empowerment focused on
In 2023, the micro segment began to strengthen its third party building an ecosystem and increasing the capabilities of business
fund collection strategy through the concept of rural savings actors through inclusion and literacy programs. Strengthening
in which the flow of funds from business actors was followed business synergies between entities in ultra-micro holdings with
up to 2-3 layers above (suppliers, distributors and collectors) Smile outlet services, data integration and the Smile Mobile
to grow micro savings by 1.64% with a cheap funds ratio of platform were also performed. This holistic strategy has been
87%. This overall strategy could be achieved by continuing the implemented in 2023 and will be the foundation for developing
transformation of the micro segment which includes the areas sustainable micro businesses in facing future challenges and
of strengthening the BRI Unit organization, expanding business competition.
MICRO BUSINESS
In 2023, BRI’s micro business performance was generally able or 128 years as of 2023. Having professional competence in
to record positive growth in terms of both loans and savings. micro business, BRI is consistent and committed to continuing
This shows that BRI’s micro business has strong resilience in to contribute to the development and empowerment of micro
the recovery period after the COVID-19 pandemic, which also business actors aligned with the development of their needs.
had an impact on the national business and economic sphere.
Apart from that, implementing programs and strategies The existence of the micro business sector is an important part
relevant to the situation and conditions also became one of of BRI’s business. Therefore, BRI is committed to increasing
the keys to BRI being able to get through 2023 well. The micro- support and empowerment for the ultra-micro segment in
segment, which is one of the backbones of the Indonesian 2023, packaged with the spirit of digital transformation, namely
economy, will always be BRI’s main business. BRI has been go smaller, go shorter, go faster. So that BRI’s financial services,
providing the best service to the micro-segment since 1895, such as the financing distribution process, can be carried out
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Management Discussion and Analysis
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more quickly and at more affordable costs. Through this, it Micro Business Products and Services
is hoped that ultra-micro business actors can maintain their 1. Kupedes
businesses and quickly recover from the impact of the COVID-19 This is a general loan with a loan of up to IDR 500 million
pandemic. Since 2020 BRI now also has a Micro, Small and per debtor with a maximum term of 120 months which can
Medium Enterprises (MSME) index called the BRI Micro and be used for working capital and/or investment purposes to
SME Index (BMSI) to measure business activity, sentiment, individual debtors who meet the requirements.
and expectations of micro business actors regarding national 2. KUR Micro
economic conditions. Based on the latest BMSI data, it can be KUR Micro is a financing facility for new micro entrepreneurs
seen that business conditions and optimism of MSME players with a loan of IDR10 million-IDR100 million per debtor, which
regarding future economic recovery are increasing. can be a Working Capital Loan (KMK) with a maximum loan
period of 3 (three) years and or Investment Loan (KI) with a
Regarding the micropayment transaction system, there were maximum loan period of 5 (five) years
several efforts by BRI to increase its penetration during 3. BRIguna Micro
2023, including by inviting and collaborating with traders to BRIGuna Micro became a micro multipurpose loan aimed at
make cashless transactions via BRI’s Quick Response Code the fixed income segment.
Indonesian Standard (QRIS) instrument and the pasar.id 4. KUR Super Micro
platform as a transaction facility to bring buyers and sellers KUR Super Micro is a special financing facility for new
together without having to meet face to face. Apart from customers who have never applied for a loan, which is primarily
making cash flow calculations easier for traders, this was also to intended for workers affected by termination of employment
support the Government’s Programeto minimize the potential (layoffs) or housewives who run productive businesses with a
for COVID-19 transmission while the pandemic is ongoing. maximum loan of IDR10 million per debtor with a maximum
BRI continues to encourage public knowledge regarding non- loan period of 3 (three) years and or Investment Loan (KI)
cash transactions, especially QRIS so that transactions using with a maximum loan period of 5 (five) years.
this integrated system continue to increase. BRI believes that 5. BRI Simpedes Saving
with a simple and safe payment system through QRIS, the BRI Simpedes Saving is a BRI savings product designed for
businesses of micro-entrepreneurs can be helped to grow even rural communities but equipped with modern features such
bigger. This growth will lead to an increasingly positive pace as ATM cards that can be used on other banking networks in
of the national economy and improved social welfare. In 2023, the country and supported by 24-hour services from Internet
the micro business loan products offered to micro customers Banking and Mobile Banking. There are also variants of
included Kupedes, Micro People’s Business Credit (KUR), Simpedes such as Simpedes Umum, Simpedes TKI, Simpedes
and KUR Super Micro. Meanwhile, the micro business savings Impian, and Simpedes Usaha. In addition, BRI Micro Business
products available were BRI Simpedes Savings with various also has other saving products, namely: Tabunganku, SimPel
variants such as Simpedes General, Simpedes BISA, Simpedes (Student Saving), Term Deposito
TKI, Simpedes Impian, and Simpedes Usaha.
Table of Micro Business (Productivity) Performance
Growth
Description 2023 2022
Nominal %
Outstanding (OS) Loans
496,554 449,627 46,927 10.44%
(In IDR Billion)
Kupedes 212,332 129,216 83,116 64.32%
KUR Mikro 219,927 251,498 (31,571) (12.55%)
BRIguna Mikro 64,295 68,912 (4,617) (6.70%)
Debtors (in billion people) 13.95 14.35 (0.40) (2.79%)
Kupedes 4.68 2.84 1.84 64.79%
KUR Mikro 8.81 10.89 (2.08) (19.10%)
BRIguna Mikro 0.53 0.61 (0.08) (13.11%)
PT Bank Rakyat Indonesia (Persero) Tbk.
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Growth
Description 2023 2022
Nominal %
Savings (In IDR Billion) 373,474 367,657 5,817 1.58%
Current Account 1,339 1,478 (139) (9.36%)
Deposit 48,452 43,528 4,925 11.31%
Savings 323,682 322,651 1,031 0.32%
Deposit Account (in full amount) 173.023.568 158.129.614 14.893.954 9,42%
Current Account 92.817 96.810 -3.993 (4,12%)
Deposit 428.651 416.891 11.760 2,82%
Savings 172.502.123 157.615.927 14.886.196 9,44%
Total outstanding micro business loans in 2023 reached IDR 496.55 the future, especially with non-banking entities that provided
trillion, an increase of 10.44% compared to 2022 which was IDR financial technology services (P2P lending, Paylater, business
449.63 trillion. This increase mainly came from Kupedes loans bailouts, and so on).
amounting to 64.32% yoy which is in line with BRI’s focus on being
able to grow commercial loans again and what is interesting is Therefore, BRI’s micro business development in the future
that almost 30% of the composition of Kupedes loans came from will be carried out from a beyond banking perspective through
KUR customers who were able to move up in class both in terms product innovation as well as sustainable business processes
of banking capabilities and increases business capabilities. This and business models. The synergy between BRI, Pegadaian and
KUR customer class upgrade is in line with the Government and PNM will be carried out in harmony to create new sources of
BRI’s aspirations to continue to increase financial inclusion in the income as a new driver for the Company’s business growth
Micro segment. To encourage acceleration and increase in financial (new growth engine). Micro BRI business development is
inclusion, the Government has issued new policies related to KUR, focused on improving the quality of business processes in
one of which is a KUR customer graduation target, a target for new operational lines, growth and quality of commercial credit as
KUR recipient customers and loan cycle limitations. BRI as the main well as developing products and business models to create new
bank in Indonesia operating in the Micro sector is always committed sources of income by taking several strategic steps as follows:
to growing together with Micro customers to create a strong and
great micro segment. 1. Product rejuvenation by developing turnover-based
products (loans with short tenors).
Micro Business Strategies In 2023 2. Improving the quality of business processes includes,
Micro business has long been a core competency for BRI. With among other things, improving the revitalization policy
the support of a wide office network and competent marketing for all marketing personnel in the micro segment, both for
staff, BRI has reached and served the financial service needs loan analysts and the positions of Assistant Micro Business
of micro business actors to remote areas of the country. The Manager (AMBM) and Micro Business Manager (MBM).
very large customer base became both an opportunity and a 3. Creating new business models through the UMi Agent
challenge for BRI to be able to optimize it to accelerate future partnership business scheme, business expansion (scope
micro business growth. However, change occured quickly and up) of the Pasar Rakyat Indonesia/PARI and Smile Mobile
inevitably. The ongoing pandemic had encouraged widespread applications, CASA acquisition based on a micropayment
adoption of technology and had an impact on people’s ecosystem, as well as collective empowerment of business
behavior, including changing transaction and business patterns actors (business clusters, groups, lottery club).
for micro-entrepreneurs. Widespread adoption of technology 4. Increasing loan analysts’ capabilities with appropriate
provided options for business actors and the micro community education and developing reliable supporting tools to
in general to enjoy borderless financial services and access strengthen their social role as digital instructors and
to non-conventional commercial financing. These conditions financial advisors for micro business actors.
changed the competitive landscape for micro businesses in
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Management Discussion and Analysis
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Competitive Advantage and Micro Business Innovation Therefore, BRI created the Smile Mobile application which
The improvements of Micro Business Loan and Third Party is an integrated digital sales platform used by marketers to
Funds during 2023 was attributable to the various innovations market products across entities (BRI, PNM, and Pegadaian)
that BRI executed, such as: 5. KECEKU (Auto Supplement Feature)
1. Commodity Platform (PARI) In an effort to efficiency and accelerate micro loans,
BRI collaborates with third parties to provide solutions to BRI’s Micro Business innovated by creating an automatic
commodity-based ecosystem players to more easily access supplement feature for existing Kupedes debtors. This
digitally integrated BRI services through a commodity feature made it easy and saved time for Credit Analysts and
platform called Pasar Rakyat Indonesia (PARI). In 2023 Debtors when applying for Kupedes loan supplementation
BRI will focus on egg, fish, onion, coffee, milk, feed, to return to the initial limit in which the selected debtors
cashew nuts, pineapple, cassava, rice, banana, and mango could submit a supplementation process via the debtor’s
ecosystems with a total acquisition of 73,716 users, with own cellphone after receiving WhatsApp Blast from BRI
305,655 transactions, bailout funds of IDR6.9 trillion and Info without the need to come to the BRI Unit office.
gross merchandise value of IDR25.2 trillion with a total of 6. KECE 3.0
27,647 breeders and a total of 15,848 collectors. Ultra micro segment loan designed within the concept
2. BRI Codification Business System (BRIKODES) “go lower, go shorter, go faster” through convenience
In line with the aspirations of BRIvolution 2.0, namely and speed. KECE 2.0 Loan became a further development
“Champion of Financial Inclusion”, BRI is increasingly from the marketed KECE 1.0 loan by referral through
strengthening its commitment to expanding the reach UMi Partners. The form of development in the KECE 2.0
of financial services to all levels of society. This spirit loan was a process loan application services through the
of financial inclusion also shows that BRI, as the bank BRISPOT UMi Partners application. In the KECE 2.0 service
with the largest customer base in Indonesia, has been process, UMi Partners became the extension of the credit
proactive in supporting the realization of the strategic analysts’ hand who could initiate loans, but it was verified
achievement of national financial inclusion of 90% in by BRI (Credit Analysts of BRI). KECE Kupedes Loans could
2024. To realize BRI’s aspirations as a Champion of encourage performance and growth of Kupedes in BRI Unit
Financial Inclusion, it needs to be supported by providing through potential Ultra Micro customer.
a data analytics-based database so that it can provide
comprehensive information. With this information, we will Business Strategy in Business Prospects and Micro 2024
be able to produce impactful strategies that are beneficial The micro business segment is the segment with the largest
for BRI’s business performance with an innovative data portfolio at BRI and contributes positively to Indonesia’s economic
management platform called “BRIKODES (BRI Codification growth. It is recorded that 99.62% of MSMEs in Indonesia are micro
Business System)”. and ultra-micro business actors. In the next few years, Indonesia’s
3. New Pasar.id demographics are projected to increase quite rapidly (285 million
BRI collaborated with third parties to provide solutions people in 2025, with 67.3% of them being of productive age). In
to business actors in the market, both traders and buyers, line with the population growth rate, the number of MSMEs will also
through an e-commerce platform called New Pasar. experience a significant increase to reach more than 71.4 business
id to support MSME players, especially market traders, actors in 2024. This illustrates how large the business potential of
in increasing turnover through a wider sales reach. the micro segment is in the coming years.
Digitalization of traditional markets aimed to drive the
market economy as an effort to increase market trader However, the market changes very quickly and on a large scale.
turnover, expand customer reach so as to provide profits The long-lasting pandemic has encouraged widespread adoption
for traders, increase engagement between BRI and MSME of technology and has had an impact on people’s behavior,
players to support the cashless movement and increase including changing transaction and business patterns for
traders’ business capabilities through capital. micro business actors. Widespread adoption of technology has
4. Senyum Mobile provided options for business people and the Micro community in
Holding UMi aims to combine key entities that can general to enjoy borderless financial services and access to non-
better develop the ultra Micro segment. The ultra-micro conventional commercial financing. These conditions change
ecosystem will help the journey of class advancement from the competitive landscape of Micro’s business in the future,
the ultra-micro segment to the Micro segment. The ultra especially with the presence of non-banking entities that provide
Micro ecosystem will play an important role in improving financial technology services (P2P lending, paylater, business
the landscape of the ultra Micro segment in Indonesia. bailouts, and other similar services).
PT Bank Rakyat Indonesia (Persero) Tbk.
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The dynamics of the micro business segment are also very volatile. 1. Increasing micro loan yields by focusing on the growth
The adoption of technology during the Covid-19 pandemic has of quality commercial loans (Kupedes and BRIguna) and
had an impact on changes in the behavior of the micro segment developing turnover-based products as a new source of
of society who are increasingly digitally literate. It is recorded income.
that 90.5% of MSMEs in Indonesia have smartphones and 75% 2. Increasing competitiveness through strengthening the
of Indonesian educators are connected to the internet. However, quality of human resources and work networks to be able to
the average digitalization index is low, namely 48.7% and is not explore better business potential, especially in urban areas.
translated into business use (BRIRINS-British Embassy Research, 3. Improving the quality of risk control by strengthening the micro-
2023). This condition is both a challenge and an opportunity in channel control system, utilizing data analytics, and improving
developing BRI’s micro business segment in the medium term. the quality of business operations to reduce operational risks
The digitalization of micro business processes that BRI has and potential losses that may arise. Strengthening risk control
carried out is one of the steps to increase productivity and work is also carried out in the people aspect by rejuvenating the BRI
efficiency. The low business digitalization index of MSME players Unit supervisor function to support the sustainability of micro
is an opportunity for BRI to expand its business while empowering businesses with more integrity.
it with digital literacy regarding the use of digital technology to 4. Improving the LDR structure by adjusting KPIs to focus more
help develop debtor businesses through the PARI, Pasar.id and on fund acquisition and strengthening competitiveness,
Localoka ecosystem platforms. especially in urban areas. The acquisition of micro funds is
carried out in an ecosystem-centric manner, namely through
In the next three years (2024-2026), BRI will strengthen the mastering micropayments and empowering the ecosystem
positioning of its micro businesses in society with an ecosystem that has been formed to create close loop financing, so as to
centric concept and the “Empowerment is Before Financing” increase transactions and turnover of business funds at BRI.
strategy. BRI will start monetizing the business processes 5. Optimizing the AgenBRILink partnership as an enabler to
and models that have been built since 2020 through the UMi increase the productivity and span of control of orderlies so
partnership and ecosystem platform as a new driver for business that orderlies can focus more on providing assistance and
growth. BRI is also strengthening micro human capital by merging empowerment.
several micro functions in regional offices into ecosystem attacker 6. Developing a digital business model with personal scoring to
functions in order to strengthen penetration in the micropayment increase penetration in the digital loan market in a prudent
business. Mastery of micropayments is pursued by establishing an manner.
empowerment-based ecosystem. Thus, apart from increasing the 7. Strengthening BRI Group synergy to increase fee based
accumulation of community savings, it is hoped that it will also income from sales of Subsidiary Micro bancassurance
be able to increase the depth of community inclusion which will products.
have an impact on improving living standards. 8. Improving BRISpot as a channel to increase the effectiveness
of marketers’ work by developing restructuring and cross-
BRI’s micro business development also focuses on improving selling menus for Subsidiary Entity products.
loans quality, increasing income through inorganic income 9. Optimizing the potential of new business models (PARI,
(increasing PH recovery rate), increasing competitiveness, and Localoka x Agen BRILINK).
risk control. In line with this, development within the current year 10. Strengthening the function of administrative officers to
(2024) will be pursued through several strategic steps as follows: increase the PH balance recovery rate.
BRILINK SERVICE
BRI has a human machine hybrid platform called BRILink Agent. about banking in its role as a Laku Pandai Agent regulated by the
This becomes a partnership model offered by BRI to the public to OJK. Meanwhile the application of economic value are through
expand BRI’s financial services. The BRILink Agent business model additional income for partners, mutually beneficial economic
applies social values in the form of community empowerment, partnerships, diversification of partner businesses, extension of
financial inclusion, economic equity, dissemination of knowledge the bank network (operational efficiency).
Table of BRILink Service Performance (Productivity)
Growth
Description 2023 2022
Nominal %
BRILink Agent (Agent) 740,818 627,012 113,806 18.15%
Financial Transactions (transactions) 1,096,611,311 1,078,046,509 18,564,802 1.72%
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Growth
Description 2023 2022
Nominal %
Fee Base Income (in IDR million) 1,558,327 1,423,600 134,727 9.46%
CASA (in IDR million) 23,390,747 20,668,150 2,722,597 13.17%
Transaction Volume (in IDR million) 1,427,583,095 1,297,654,171 129,928,924 10.01%
Savings Referrals 118,437 63,727 54,710 85.85%
Loan Referrals 3,063,826 937,720 2,126,106 226.73%
As of December 31, 2023, there were 740,818 BRILink Agents Apart from that, to improve the quality of service, AgenBRILink
in all corners of Indonesia. This number consisted of 122,185 continues to provide new initiatives and breakthroughs by
BRILink EDC Agents and 618,633 BRILink Mobile Agents, adding product/service features and maximizing partnerships
and was spread across more than 61.1 thousand villages with the BRI Group that are tailored to community needs along
throughout Indonesia. In addition, 151,950 PNM Mekaar with digital business penetration so that AgenBRILink can
members had become BRILink Agents as a form of BRI synergy maximize its role from just banking assistance to being a sales/
with the BRI Group. BRILink agents can also serve MSME marketer. In expanding reach through AgenBRILink, BRI used
credit through a loan referral system and can distribute Social support tools to acquire new AgenBRILink using AI (BRIBrain)
Assistance (Bansos) to the community. Apart from serving loan and considering regional potential (BRIKodes) in the form of
referrals through UMi BRI partners, AgenBRILink can serve behavior scoring (profiling, segmentation and pipeline) to
savings account openings with a referral system for the basic produce quality AgenBRILink.
savings account type, namely Tabunganku. AgenBRILink plays
an important role in realizing true financial inclusion for all The number of BRILink Agents continues to increase, so it is
levels of Indonesian society. necessary to increase the capabilities and maintain the loyalty
of BRILink Agent consumers to make them more competitive.
Meanwhile, financial transactions grew 1.72% from 1,078 BRILink Agents’ knowledge of products and marketing skills
million transactions to 1,096 million transactions in 2023. also needs to be calibrated as BRILink products and services
This increase in the number of financial transactions reflected increase. This will be accommodated by the BRILinkers
AgenBRILink’s close, safe and sophisticated services to meet application as a forum for Agents to share products, services,
people’s banking transaction needs. This increase in financial and ideas between BRILink Agents. Even though AgenBRILink
transactions was accompanied by an increase in BRILink is close to and serves the Micro BRI market, AgenBRILink is
sales volume which was recorded at IDR1,427 trillion. From not only an enabler for certain segments but also a business
transactions carried out by AgenBRILink throughout Indonesia, collaborator serving business for the BRI Group and being a
BRI obtained fee based income of IDR1.56 trillion at the end of center of community, selling consumer and SME products,
December 2023. This value grew 9.46% from the same period and providing additional business for AgenBRILink through
in 2022 of IDR1.42 trillion. Apart from that, AgenBRILink also corporate partnerships.
increased its acquisition of low-cost funds (CASA) by IDR23.39
trillion, growing 13.17% from 2022. BRILink Competitive Advantage and Innovation
With BRILink Agents spread over more than 740 thousand
BRILink Strategy in 2023 throughout Indonesia, BRILink Agents had a competitive
In 2023, BRILink focused more on increasing productivity and advantage, namely making it easier for the public to make
building the competitiveness of BRILink Agents by strengthening financial transactions without having to go to the Bank.
the Micro ecosystem with a partnership with Loan officer as BRILink agents could carry out banking transactions using EDC
BRI’s marketer for the Micro segment. With 740 thousands of BRILink or BRILink Mobile in real time online. The features
BRILink Agents spread throughout Indonesia and collaboration contained in BRILink Mobile were also continuously updated
with BRI Loan officers, it is hoped that we will be able to build according to the needs of today’s society.
an independent microeconomic ecosystem, one of which is
distributing loans through UMi Partner BRILink Agents. BRILink BRILink innovation continued to be developed to continue to
Mitra UMi Agent is an agent focused on distributing Ultra compete with other competitors which were emerging one by
Microloans to the community, so it is hoped that it will be able one, namely by implementing Android-based EDC (MPos), of
to provide benefits to all MSME players in terms of providing course one of BRILink’s innovation breakthroughs to continue
business capital to avoid loan shark practices. to survive and improve its performance. It was expected that
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the implementation of the Android EDC made it easier for e-commerce features in the AgenBRILink ecosystem. Localoka, as
BRILink Agents to update the latest features so as to increase an e-commerce platform managed by BRI, has provided solutions
the competitiveness of BRILink Agents Umi partnership. for micro, small and medium enterprise (MSME) groups to market
their products online. The integration of the BRILink Mobile
BRILink Business Prospects and Strategies for 2024 application with e-commerce is expected to have a positive
In 2024, in order to realize Bank Rakyat Indonesia’s (BRI) impact in increasing sales potential and profits for BRILink
commitment to continue to expand AgenBRILink services Agents. In addition, expanding Localoka’s collaboration with
and increase financial inclusion throughout Indonesia, BRI corporate merchants is a strategic step that supports Localoka’s
sees the importance of transforming the role of AgenBRILink initial goal as a local ecosystem platform and provides added
from simply providing banking transactions to a “lifestyle value for BRI MSME customers who have become and will become
micro provider” that is more in touch with needs and styles. merchants on the Localoka platform. This collaboration expands
customer life in the micro segment. This transformation is business opportunities and increases AgenBRILink at Localoka,
part of the AgenBRILink journey which is divided into 3 (three) so that AgenBRILink has the opportunity to buy goods wholesale
phases. The first phase involves AgenBRILink as a payment at more competitive prices through corporate merchants who
and banking services provider, which facilitates financial collaborate with Localoka.
transactions. Then in the second phase, AgenBRILink takes
on the role of marketing ultra micro services, which includes By managing e-commerce, BRI can provide financing facilities
providing a variety of financial and non-financial services to customers and merchants when they carry out buying
that are relevant to the needs of the Micro segment. The and selling transactions which can help increase BRI’s CASA
third phase, which is the next stage in AgenBRILink’s journey, growth which is more stable. By maintaining the integrity of
involves a transformation into a more comprehensive “lifestyle Localoka as a local ecosystem, this collaboration creates a
micro provider”. mutually beneficial ecosystem for customers, AgenBRILink (as
merchants) and BRI itself, in line with the mission of financial
Along with technological developments and customer demand, inclusion and local economic empowerment. Apart from
considering that BRI does not have its own e-commerce platform, that, to expand the types of services that can be served by
and the amount of money in circulation is concentrated in the AgenBRILink, one of which is the Pawn feature which allows
groceries business segment, there is an opportunity to take people around AgenBRILink to carry out Pawn transactions and
advantage of the wholesale business opportunity by integrating payments without having to come to the Pegadaian Outlet.
SOCIAL ENTREPRENEURSHIP & INCUBATION PROGRAM
The Social Entrepreneurship & Incubation program includes raise their business level and compete at a higher level. To
the distribution of government programs (including Social help increase the capacity and capability of MSMEs, BRI
Assistance and Farmer Cards) as well as Incubation programs has various platforms, namely:
(including the UMKM Upgrade program, BRILiaN Village and a. Link UMKM
Village BUM, Local Inspirational Figures and Business Clusters. It was a digital empowerment platform that aimed to
The description of each service description is described as bring Indonesian MSMEs to class through integrated
follows: programs that could be accessed through websites
1. Social Assistance Programe (Bansos) and applications.
This is a government program in collaboration with the b. Rumah BUMN (SOEs House)
Ministry of Social Affairs of the Republic of Indonesia to It was one of the initiative programs of the Ministry
distribute aid funds to the poor, underprivileged and/or of SOEs and SOEs to empower Micro, Small and
vulnerable to social risks. There are 2 (two) types of social Medium Enterprises. Rumah BUMN acts as a data and
assistance programs, namely the PKH Program and the information center as well as a center for education,
Basic Food Program, whose funds were distributed non-cash development and digitalization of SMEs. Meanwhile,
through the banking system. Aid funds can be disbursed by the main goal of Rumah BUMN is to increase the
aid recipients via tellers, BRI e-channels or BRILink agents. capacity and capability of SMEs so that quality
2. Kartu Tani (Farmers Card) Indonesian SMEs can be realized.
This is a Co-Branding Debit Card in collaboration with the 4. Badan Usaha Milik Desa (BUM Desa) and BRILiaN Village
Ministry of Agriculture which is used to redeem subsidized a. BRILiaN Village
fertilizer by Farmers at Complete Fertilizer Kiosks and can The Brilliant Village Programewas a village incubation
also be used for general banking transactions. Programeas part of BRI’s commitment to developing
3. MSMEs Upgrading the potential of BRI fostered villages.
BRI supports increasing the capacity and capability of
MSMEs through a series of programs so that MSMEs can
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b. BUM Desa 5. Local Inspirational Figures
BUM Desa is a legal entity established by the village The Inspirational Figure Programeaimed to get local
to manage business, utilize assets, develop investment community empowerment figures who could collaborate
and productivity, provide services, and/or provide with BRI’s Micro Financial Advisors in the context of
other types of businesses for the welfare of the Village developing BRI’s business.
community. 6. Business Cluster
It was a business group formed based on common
interests, environmental conditions, and/o familiarity to
improve and develop members’ businesses.
Table of Social Entrepreneurship & Incubation Programe Performance (Productivity)
Growth
Description 2023 2022
Nominal %
Social Assistance Distribution (Bansos)
Family of Hope Program (PKH)
Number of Beneficiary Families (KPM) 3,242,819 3,707,998 (465,179) (12.55%)
Disbursement in (IDR million) 9,124,063 8,222,729 901,331 10.96%
Basic Food
Number of Beneficiary Families 5,405,345 5,676,292 (191,680) (3.42%)
Disbursement (in IDR million) 12,652,323 4,456,840 8,261,715 188.17%
El Nino
Number of Beneficiary Families 5,164,353 - - -
Disbursement (in IDR million) 2,065,741 - - -
Total Bansos
Disbursement (in IDR million) 23,842,128 12,613,340 11,228,788 89.02%
Kartu Tani
Number of Cards Printed 6,648,833 7,398,549 (749,716) (10.13%)
Number of Complete Fertilizer Kiosks Installed EDC 9,058 8,969 89 0.99%
Subsidized Fertilizer Redemption Volume (Tons) 1,102,609 1,280,705 (178,096) (13.91%)
Subsidized Fertilizer Redemption Volume (Liters) *) 0 6,486 (6,486) (100.00%)
Nominal Redemption of Subsidized Fertilizers
2,502,586 2,811,677 (309,091) (10.99%)
(IDR million)
Rumah BUMN
Total RB 54 54 0 0.00%
Number of Members 418,588 386,900 31,688 8.19%
Total Training 12,232 9,608 2,624 27.31%
Badan Usaha Milik Desa (BUM Desa) and Desa BRILiaN
Number of Accounts 52,091 36,620 15,471 42.25%
Total Savings Balance (IDR million) 753,004 608,963 144,041 23.65%
Number of BUM Desa BRILink 15,233 12,908 2,325 18.01%
Number of Desa BRILiaN 3,178 2,182 996 45.65%
Inspirational Local Figures
Inspirational Local Figures 889 588 301 51.19%
Business Cluster
Number of Fostered Clusters 23,243 15,266 7,977 52.25%
Empowerment (Infrastructure and Training) 657 595 62 10.42%
*) In 2023, redemption of liquid organic fertilizer will not be subsidized
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The total distribution of social assistance in 2023 reached 5. Inspirational Local Figures
IDR21.77 trillion, an increase of 72.65% compared to 2022 which a. Each business work unit (including regional and KP) identifies
reached IDR12.61 trillion. This increase came from the transfer of potential local inspirational figures who can come from
the distribution allocation for the Basic Food Program to Himbara, parties who play an important role in the BRILiaN Village or
which previously in 2022 was distributed through PT Pos. Business Cluster.
b. Empowerment of local inspirational figures through training/
In 2023 BRILiaN Villages grew 45.65% from 2,182 BRILiaN Villages certification, in collaboration with business incubation
in 2022 to 3,178 BRILiaN Villages in 2023. Business clusters and centers or universities.
local inspirational figures also recorded growth respectively to c. Prepare a media plan for the publication of stories of Local
23,243 business clusters and 889 local inspirational figures in 2023. Inspirational Figures.
BRI is committed to supporting the implementation of Sustainable 6. Business Cluster
Development Goals (SDG) through empowerment programs, a. Acquisition program for 1 (one) Loan analyst 1 (one) Cluster.
establishing a sustainable business role model. BRI Bank actively adds b. Empowerment program for 500 Clusters.
business clusters, BRILIaN Villages and Local Inspirational Figures
every year so that the benefits of the BRI empowerment program can Social Entrepreneurship & Incubation Programs Competitive
be felt by the wider community. Advantage and Innovation
Description of the competitive advantages and innovation of the
On the other hand, with the Minister of Agriculture Regulation Social Entrepreneurship & Incubation Program is as follows:
10 of 2022, dated July 6, 2022, there was a reduction in the 1. Social Assistance Distribution (Bansos)
types of fertilizer and subsidized commodities, resulting in a Digitalization of the distribution of Cards (KKS) to Beneficiary
decrease in the number of printed Farmer Cards, volume and Families (KPM) through Web and Mobile-based applications
nominal redemption of subsidized fertilizer in 2023 compared (Application Makna) as a tool that can monitor in real time the
to 2022. Total pencetakan Farmer Cards in 2023 reached distribution of KKS and the disbursement of aid funds by aid
6,648,833 Cards, with a fertilizer volume of 1,102,609 tons, and recipients.
a transaction nominal of IDR 2.50 trillion 2. Kartu Tani (Farmers Card)
Based on recommendations from the Ministry of SOEs and
Social Entrepreneurship & Incubation Program Strategy in 2023. approval from the Ministry of Agriculture, BRI was appointed as
Description of the strategy for the Social Entrepreneurship & the sole bank implementing the Farmer’s Card program (except
Incubation Program carried out in 2023 is as follows: in Nangro Aceh Darussalam Province)
1. Social Assistance Distribution (Bansos) 3. MSME link
a. The distribution of the PKH Social Assistance and Basic Food Maximizing the online training function through the LinkUMKM
Programs is carried out in accordance with the provisions and Application where there is a Self Assessment Feature, which is a
instructions from the Indonesian Ministry of Social Affairs. feature used to assess MSME competencies so that the training
b. Participate in increasing financial inclusion accessed by aid needs of each MSME can be identified.
recipients (beneficiary families) 4. BRILian Village and BUM Desa
2. Kartu Tani (Farmers Card) This village ecosystem empowerment program is in line with
a. Development of an integrated subsidized fertilizer database Mantri Revitalization, which will also be a new way of working for
in collaboration with the Ministry of Agriculture, BRI and BRI Mantri, whose main aim is to find new sources of growth for
Pupuk Indonesia so that data accuracy and targeting of BRI Micro Business. The competitive advantage of this program is
subsidized fertilizer distribution continues to increase. that it increases village financial literacy and inclusion wrapped in
b. Development of biometric-based digital transactions without an empowerment program (increasing the capabilities of village
cards and EDC machines to support the transformation of officials, BUM Desa, and business actors, including BRI-assisted
the government’s subsidized fertilizer policy. business clusters). BRILiaN Village is a Village Empowerment
3. MSME Upgrading (BUMN House) Program that aims to produce role models in village development
Empowering MSMEs to advance to class online via the MSMEs by implementing superior village leadership practices and also
Link platform or offline via Rumah BUMN, with teachers/mentors promoting a spirit of collaboration to optimize village potential
at both local and national levels who have specifications and based on Sustainable Development Goals (SDGs). This program
expertise in their fields and by involving orderlies and RMs to be targets not only the financial impact on BRI originating from
able to accompany and guide their fostered customers to be able business acquisitions in villages but also the social impact on
to move up a class. village communities with the hope that these assisted villages
4. BUM Desa and BRILiaN Village will be loyal to BRI and support sustainable Micro business growth
a. Targeting a minimum of 500 new assisted villages that could for BRI. It is hoped that villages that are members of this Program
be empowered through the 2023 BRILiaN Village Program. will become a source of inspiration for village progress that can
b. Deepen inclusion and financial literacy of villages that have be replicated in other regions.
joined the BRILiaN Village Program by increasing the use of
micropayments in villages.
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5. Local Inspirational Figures acquisition of the Village Ecosystem by BRI. The BRILiaN Village
Local Inspirational Figures is a Micro business initiative in terms Strategy in 2024 is:
of implementing an empowerment partnership between BRI Bank a. Actively conducting outreach with Regional Offices, Branch
and community leaders/inspirational figures to influence Micro Offices, Units and Credit Analysts regarding the Desa BRILiaN
business actors to progress according to the initiative/inspiration Program.
of these inspirational figures. The competitive advantage of b. Coordinate with related agencies to socialize the Desa
ProgrameFIL is the collaboration between BRI Mantri and BRILiaN program and BRI products.
local inspirational figures to carry out literacy functions for the c. Optimization of the Village Credit Analysts Corner Program
community/Micro business actors in order to gain access to (collaboration with the MSM Division).
financial inclusion from BRI Bank. Local inspirational figures are d. Coordinate with the BRILINK Division to optimize BRILINK
the implementation of the “crowd-sourcing” concept to expand Agent Officers (PAB) to socialize the Brilliant Village Program
access to BRI-inclusive acquisitions. to Village Owned Enterprises (BUM Desa) and assist (BUM
6. Business Cluster Desa) as BRILINK agents.
a. Time, cost, and energy efficiency due to orderlies serving e. Coordinate with Ministries (Ministry of Villages, Development
collective needs. of Disadvantaged Regions and Transmigration, Ministry
b. Effective in the marketing process of BRI products and of Tourism and Creative Economy/Tourism and Creative
services. Economy Agency of the Republic of Indonesia).
c. Make it easier for Mantri to monitor and evaluate business f. Promoting the Desa BRILiaN Program through social media,
actors. printed media and digital media.
d. Increase the added value of orderlies as empowerment 5. Inspirational Local Figures
companions and financial advisors. The program of local inspirational figures for BRI’s micro business
could be considered to have good prospects to support the
Business Prospects and Strategy for the Social growth of BRI’s micro business (New source of growth of BRI).
Entrepreneurship & Incubation Program in 2024 In 2022, BRI’s local inspirational figure program was targeted
Description of business prospects and strategies for the Social to attract 500 local inspirational figures throughout Indonesia
Entrepreneurship & Incubation Program that will be carried out to collaborate with BRI’s micro businesses in carrying out the
in 2024 are as follows: literacy and acquisition functions of BRI’s financial inclusion. The
1. Social Assistance Distribution (Bansos) strategy for local inspirational figures in 2024 is as follows:
a. Utilization of KPM (Assistance Recipients) for social a. Search and Find Each business unit (including regional and
assistance is upgraded to become a business pipeline. KP) identifies potential local inspirational figures who can
b. Synergy of Empowerment in government programs in come from:
maximizing the business ecosystem - Community leaders/village heads/BUM Desa
2. Kartu Tani (Farmers Card) administrators who have inspiration/initiatives with
a. Redemption of subsidized fertilizer using a farmer’s card is a screening mechanism through the BRILian Village
integrated with the Ministry of Agriculture’s e-Allocation program.
system to minimize data differences. - Business initiator/business cluster formation that has a
b. Development of biometric-based transactions without cards positive impact on increasing business/economi capacity
and EDC machines for the transformation of subsidized through the formation of the business group (network
fertilizer policy. mechanism through the business cluster program).
3. MSME Link b. Empower Empowerment of local inspirational figures
a. The target for MSME Class Upgrades was 1 (one) million through:
MSMEs using the LinkUMKM platform, in addition to - Improvement of soft and hard competencies through
involving paramedics and Rumah BUMN officers, PAB and training/certification, in collaboration with business
BRILink Agents assisted by BRI selindo will also be involved. incubation centers or universities.
b. Making a self assessment scoring dashboard with each - Involvement of Local Inspirational Figures in training or
referral code as a program monitoring tool that can be empowerment events.
accessed according to user level. c. Publication Preparing a media plan for the publication of
4. Desa BRILiaN dan BUM Desa inspirational local figures and BRI collaboration programs in
BRI targeted a minimum of 500 new assisted villages to be order to support MSMEs to advance to class.
empowered through BRILian Village Program. Next, BRI 6. Business Cluster
continued to deepen the financial literacy and inclusion of Intensification of cluster empowerment programs to support
villages that joined BRILian Village Program by increasing sustainable micro businesses, through programs including:
the use of micropayments in villages. Ideally, from a total of a. Increasing business capacity of business clusters by assisting
approximately 74 thousand villages throughout Indonesia, there cluster products to enter online marketplaces.
were 56 thousand that had the status of Developing, Advanced b. Assistance in improving the quality of business cluster
and Independent Villages, which could be included in the BRILiaN products (packaging, halal certification and so on) so that
Village program. There was a lot of spaces for growth and the they could be more competitive.
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Retail Segment
Retail Business Segment is intended to serve small and medium entrepreneurs (SME), including through consumer and commercial
banking products and services. The Retail Segment included Program Business, Small and Medium Business, Consumer Loan Business,
Deposit Business and Retail Banking Services
SMALL AND MEDIUM BUSINESS DIRECTORATE PERFORMANCE SUMMARY
The strategy theme for SME businesses for expansion in and more sustainable SME business growth would created.
2023 was to “Expand Selectively, Focus on Transaction Increasing the capabilities of marketers in the segment
Led Business Model BRI”, with a focus on execution by SME has prioritized capability development, in the form of
exploiting value chain potential and a focus on transaction- developing pipeline management skills, hard competencies
based business models (transaction based lending). Apart based on gap competencies, and accelerating RM SME as the
from that, the strategy for maintaining existing customers RM of the future which is supported by digital and artificial
included “Growth and Quality”. The SME segment carried intelligence to increase RM SME productivity.
out comprehensive mapping of customers to obtain optimal
potential, so that a clear picture could be obtained between In 2024 the SME business strategy is “Scaling Up SME
customers who had good growth prospects and customers Business”, which will focus on the upper small and medium
who immediately needed to implement an exit strategy. segments, as well as strengthening value chain financing.
Through this strategy, BRI SME is expected to make a positive The SME business will be encouraged to focus on healthier
contribution in supporting the 2023 Corporate Strategy growth, pipeline execution from the value chain, expanding
“Strengthen Retail Banking Capabilities”. This strategy was the scope of pipeline sources from customers/AI-based trade
reflected in the performance of total outstanding SME loans ecosystems, revitalizing the SME center through refocusing
in 2023 of IDR260.35 trillion, an increase of 9.47% compared work units (Metro Area Branch Offices) as a growth driver.
to 2022 which was IDR237.83 trillion. This increase was
largely contributed by medium loans which grew 54.10% Apart from that, there are also programs, supporting
yoy. In terms of the increase in the total number of SME products and new business models that have been started
customers, there has been quite significant growth, namely since 2023, it is hoped that all of this can be the strength of
15,618 (3.3% growth) from 461,765 in December 2022 to SMEs to be able to overcome business challenges in 2024. To
477,384 customers. support the strategy to achieve the 2024 target, of course it
must also be supported by increasing the productivity and
The development of small and medium businesses is capability of marketers in the SME segment, one of which is
directed at achieving the vision of The House Bank for SMEs through rejuvenating RM, sharpening marketing skill sets and
in Indonesia 2025 which offers end to end business growth mastering regional superior industries. With this strategic
solutions for SME customers. In 2023, this was realized policy, BRI SME is expected to make a positive contribution
through the creation of a new business model through in supporting BRI’s 2024 destination statement, namely
New BRISPOT SME, where through new tools equipped with “Strengthening retail banking capabilities and optimizing
technology made the credit process more prudent, healthier contribution of subsidies.”
SMALL AND MEDIUM BUSINESS
BRI classifies the Small and Medium Business segments based 2. Investment Loans
on credit ceilings, where Small Business is a loan with a ceiling It is a facility for companies and/or individuals to finance
amount of up to IDR25 billion and the Medium Business segment long-term funding needs in the context of purchasing,
ceiling is > IDR25 billion-IDR500 billion. Small and Medium building, expanding, renewing (renovating) productive fixed
Business Products include: assets and the accompanying costs . This product has a
1. Working capital loans number of advantages, such as the credit period according to
It is a productive loan facility for financing business the debtor’s cash flow capabilities.
operations (current assets) and/or replacing trade payables, 3. Value Chain Financing
in the context of production processes or other working Value Chain Financing includes
capital components. This product has advantages including a. Project Financing (KMK Pre Financing)
credit terms and repayment according to the customer’s It is a working capital credit facility to vendors/partners
business character . to finance working capital needs in the context of
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development/construction or procurement/purchase 5. Developer Working Capital Loan
of goods and/or services for a project on the basis of a It is a loan facility provided with the aim of financing the
contract or similar document from the Core Company. developer’s working capital needs in carrying out work/
b. Invoice Financing (KMK Post Financing) building procurement activities intended for sale.
It is a working capital credit facility to vendors /partners 6. Dynamic Loan
to finance receivables piutang in the context of payment This is a loan facility provided in the form of KMK or KI
for project completion achievements, either in part or in where the credit interest rate can change automatically
full, based on invoices or similar documents. (dynamically) every month based on the CASA ratio.
c. Distributor Financing (KMK Distributor) 7. Loans with a fixed installment pattern
This is a working capital loans facility for distributors/sub It is a productive loan facility for working capital and
distributors/agents, and is only used to pay for product investment purposes intended for small segment debtors
purchases to the Core Company for the purpose of re- with an installment payment system in the form of fixed
trading. amounts of principal and interest. The advantages of
d. Customer Financing products with a fixed installment pattern include:
Loan facilities are provided to buyers/end users/ a. The plafond can be up to ID 1 billion, each for KMK and KI
customers from the Core Company and can only be used so the total plafond can be up to IDR2 billion.
to purchase products/goods and/or services sold by the b. Credit term up to 5 (five) years.
Core Company for the purpose of their own use as part of c. Lower provision and administration costs
the working capital concerned. 8. Loan Channeling via Fintech Lending
e. Partner Investment loan BRI collaborates with fintech lending in order to distribute
This is an investment loan facility for purchasing, transaction-based short-term loans easily without additional
building, expanding, renewing (renovating), including collateral. Service procedures are carried out while
refinancing fixed assets along with accompanying costs prioritizing the precautionary principle with faster SLAs,
to support the business/business of vendors/partners to cheaper OHC costs and higher margins compared to other
the Core Company. conventional products.
f. KMK APBN 9. Small People’s Business Loan (KUR)
This is a financing facility provided to vendors /partners It is loan/financing for working capital and/or investment to
from Ministries/State Institutions where the source individual/individual debtors, business entities and/or business
of project payments comes from APBN funds. These groups that are productive and viable but the additional
products have advantages including: collateral is not sufficient with a loan amount of more than
a. Interest rates and credit costs. IDR100 million-IDR500 million per individual, with low interest
b. Collateral relaxation and sharing of own funds. rates and receive subsidies from the Government.
c. Digital operations through corporate billing management 10. Loan with Warehouse Receipt Guarantee
4. Working Capital Credit (KMK) Construction It is a financing facility by warehouse receipt distributors
This is a working capital loan to finance the working capital (banks) to warehouse receipt recipients (customers) by
needs of contractors/vendors to complete construction utilizing warehouse receipts as collateral/collateral which
service projects in accordance with work contracts can be provided with an interest subsidy scheme from the
Government or a commercial scheme.
Table of Small and Medium Business Performance (Productivity)
(in IDR million)
Growth
Outstanding 2023 2022
Nominal %
Small Loan 183,046,732 172,296,177 10,750,555 6.24%
People's Business Loan (KUR) 45,010,265 44,583,367 426,898 0.96%
Medium Loans 32,291,213 20,954,266 11,336,947 54.10%
Small Medium Enterprise (SME) 260,348,210 237,833,810 22,514,400 9.47%
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Total outstanding SME credit in 2023 was IDR260.35 trillion, an in achieving the performance of the SME segment in December
increase of 9.47% compared to 2022 which was IDR237.83 trillion. 2023, with an increase in the total number of SME customers by
This increase was largely contributed by Medium Loans which grew 15,618 (3.3% growth) from 461,766 in December 2022 to 477,384
54.10%. In 2023, business distribution were carried out selectively, customers. Meanwhile, outstanding loans increased by IDR22.51
namely utilizing value chain potential and focusing on transaction- trillion or 9.47% from IDR237.83 trillion in December 2022 to
based business models. This strategy produced positive results IDR260.35 trillion in December 2023.
Table of Performance (Productivity) Details for Small and Medium Businesses
(in IDR million)
Growth
Total Debitur 2023 2022
Nominal %
Small Loan 227,565 225,652 1,913 0.85%
Kredit Usaha Rakyat (KUR) 248,834 235,350 13,484 5.73%
Medium Loan 963 764 199 26.05%
Small Medium Enterprise (SME) Segment 477,384 461,766 15,618 3.38%
Small and Medium Business Strategy in 2023 namely New Brispot S1 for the small segment initiative up to
The business strategy in 2023 for the SME segment focused on IDR5 billion, power up upper small and medium through the
the upper small and medium segments, as well as strengthening development of the Brispot S5 initiative application, principal
value chain financing. This condition presents new challenges in indicator and rating system, value chain observation system
the development of Small and Medium Businesses in 2023, apart , Link5 with BRIBRAIN, which is expected can speed up SLAs
from having to continue to grow with business expansion carried out in providing services to customers and increase accuracy
selectively and carefully (prudently), SME Businesses must be able related to analysis data and provide better pipeline sources
to grow by choosing the right pipeline ( expand selectively ). This . This initiative also provides tools for RMs to be able to
must be done considering that the SME business has a large role and monitor their respective business portfolios in real time and
market share, so it has a significant influence in driving the country’s be able to explore optimal business potential.
economy and supporting the empowerment of MSMEs. 2. Encouraging the expansion of Small and Medium Businesses
through transaction based lending , ecosystem-based
Considering this, the SME business development strategy in the business and optimizing the value chain of BRI’s principal/
short and medium term will be directed at developing transaction- corporate customer partners and medium-sized customers.
based businesses , utilizing ecosystem-based businesses, 3. Increasing the capabilities of marketers in the SME segment
optimizing potential value chain businesses , developing digital will prioritize capability development, in the form of
platform applications for efficient business processes and developing pipeline management skills, hard competencies
services, increasing fee-based income from credit. and non- based on gap competencies, and accelerating RM SME as the
credit, increasing the capabilities of Relationship Managers RM of the Future which is supported by digital and artificial
(RM), increasing monitoring and evaluating the achievements of intelligence on RM tablet sales tools .
marketers, as well as improving loan quality .
Business Prospects and Strategy for Small and Medium
Small and Medium Businesses Competitive Advantage and Businesses in 2024
Innovation In 2024 the SME business strategy is “Scaling Up SME Business”,
Small and Medium Business Development is directed at achieving with a focus on healthier growth, pipeline execution from the
the vision of Th e House Bank for SMEs in Indonesia 2025 which value chain, expanding the scope of pipeline sources from
offers end to end business growth solutions for SME customers, customers/AI-based trade ecosystems, revitalizing the SME
as follows: Center through refocusing Work Units (Metro Area Branch Office).
1. loan disbursement business processes as well as Apart from that, there are also programs, supporting products
improvements to credit underwriting models which have an and new business models that have been started since 2023, it is
impact on improving TAT and asset quality. This digitalization hoped that all of this can be the strength of SMEs to be able to
is carried out through the BRIVOLUTION 2.0 initiative, overcome business challenges in 2024. To support the strategy
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Management Discussion and Analysis
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to achieve the 2024 target, of course it must also be supported To support social value creation , the SME Directorate remains
by increasing the productivity and capability of marketers in committed to continuing the MSME empowerment program
the SME segment, one of which is through rejuvenating RM, in 2023 to encourage MSMEs to advance to class, support the
sharpening marketing skill sets and mastering Regional Leading Government’s efforts to restore the national economy and
Industries. With this strategic policy, BRI SME is expected to make create 1 (one) million new entrepreneurs by 2024. The assistance
a positive contribution in supporting the corporate strategy in program for MSMEs includes Brilliant Young Entrepreneur,
2024 “Strengthening retail Banking Capabilities and Optimizing Growpreneur and MSME Export BRILianpreneur.
Contribution of Subsidiaries”.
CONSUMER BUSINESS DIRECTORATE PERFORMANCE SUMMARY
Indonesia’s economic recovery and changes in consumer maintaining customer oriented principles and good
behavior after the Covid-19 pandemic have encouraged BRI corporate governance.
to continuously innovate to produce banking products and
services that always meet customer needs. Supported by an Increasing employee competency and digital-based
extensive network of work units, competent financial advisor business process changes support more optimal employee
staff, and capable digital infrastructure, BRI has more than productivity. Through the use of AI-based data analytics,
sufficient capital to be the main choice in meeting customer program and product offerings also become more targeted
needs. and increase efficiency. These things are key factors in the
growth of consumer business performance in 2023.
The main focus of the consumer business in 2023 is to
strengthen market share in terms of both assets and The results can be seen from the performance of BRI’s
liabilities, with aggressive growth but prioritizing a soundes consumer business which was able to grow positively both in
portfolio. To support this, the Consumer Business Directorate terms of assets, liabilities and fee based income. In terms of
has determined the main strategy in 2023, namely: assets, consumer loans were able to grow by 13% yoy, which
1. Development of digital-based products and services to was supported by BRIguna’s growth of 11% yoy, KPR by 17%
provide easy access to customers. yoy, and credit cards and digital lending by 28% yoy. In terms
2. Strengthen good relationships with potential existing of liabilities, the wealth management business was able to
BRI customers. Supported by the use of data analytics to grow Assets Under Management (AUM) by 20% yoy. All these
study customer behavior so that we can offer personalized consumer business activities also encouraged consumer
products and services according to customer needs. segment fee-based income growth of 6% yoy.
3. Increasing efficiency in every business process, while
CONSUMER LOANS BUSINESS with the principal and can be used to make payments for
BRI’s consumer loan business offers products that make it easier transactions at merchants or to make cash withdrawals that
for individual customers to obtain various consumer goods needs are integrated with the Principal network. BRI Credit Cards
such as houses, vehicles, travel , training and other consumer goods. have various product variants to serve the needs of various
BRI consumer credit provides competitive interest rates and a fast segments ranging from mass-market, mass-affluent, affluent,
process. BRI consumer loan products available in 2023 are: to commercial segments. BRI Credit Card has also launched
1. BRIguna Loans a co-branded credit card product in collaboration with major
This is credit given to prospective debtors/debtors with the platforms with an API-based open banking collaboration
source of payment (repayment) coming from a fixed source model, namely Traveloka, BTN, Pegadaian, OVO, Tokopedia,
of income ( salary/pension money), with types including Paper.id and Nex (Xendit). To improve the quality of customer
BRIguna Karya, BRIguna Pra Purna and BRIguna Purna. service and accelerate SLA, BRI has digitized the credit card
2. Mortgage (KPR) business process starting from the acquisition, underwriting,
This is a consumer housing loan that is used for purchasing new/ portfolio management to the billing process. BRI Credit
used, taking over, building and renovating objects in the form of Cards can now also be used for QRIS transactions on the
residential houses, shophouses (ruko) and office houses (rukan). BRIMO application. Apart from credit cards, BRI also has
3. Credit Cards and Digital Lending an application-based digital lending product, namely Ceria,
The BRI Credit Card is an unsecured loan-based Card which offers convenience for transactions at e-commerce
Payment Instrument (APMK) product that collaborates merchants with flexible loan tenors of up to 12 months.
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Table of Consumer Loan Business Performance (Productivity)
(in IDR millions)
Growth
Description 2023 2022
(Nominal) %
BRIguna Loans 122,778,228 111,109,389 11,668,839 10.50%
Mortgage (KPR) 51,500,184 44,031,244 7,468,940 16.96%
Credit Cards and Digital Lending 7,941,262 6,204,678 1,736,584 27.99%
Motor Vehicle Loans * ) 135,783 376,690 (240,906) (63.95%)
Total Consumer Loan Business 182,355,458 161,722,001 20,633,457 12.76%
*) Motor vehicle credit management has been centralized at BRI Finance
Purchasing power which is gradually recovering after the Consumer Credit Business Strategy in 2023
Covid-19 pandemic has spurred an increase in consumer Sustainable digital transformation by strengthening retail
business, especially BRIguna and KPR, to grow and be banking capabilities through efficiency was carried out
competitive. BRIguna loans in 2023 was IDR122.77 trillion, an by improving business processes to encourage consumer
increase of 10.50% compared to 2022 which was IDR111.11 business growth, namely by focusing on BRI payroll customers
trillion. Likewise, KPR grew 16.96% from IDR44.03 trillion and expanding the reach of BRIguna Digital. To achieve
in 2022 to IDR51.50 trillion in 2023. BRIguna loan growth consumer business aspirations, BRI remained focused on
in 2023 was supported by optimizing the customer payroll increasing the consumer business market share by growing
pipeline and digitizing the process, BRIguna applications using selectively through targeted expansion by utilizing BRIguna
mobile phones provide access to fully digitally applications via Loan programs, applications through BRIguna Digital, Public
BRIMO Super Apps without having to visit a bank or BRI work Housing Loan (KPR), BRI Virtual Expo KPR by being prudent
unit. BRIguna’s total disbursement in 2023 reached IDR46.93 in dealing with controlled risks to avoid deterioration of loan
trillion. Meanwhile, the growth of KPR was supported by several quality and encourage improvements in collectibility prudently
things, including business process re-engineering in the form in controlled risks to avoid deterioration in loan quality and
of the implementation of Consumer Loan Factoring (CLF), encourage improvements in collectibility.
digitalization of the application process and credit initiatives
through BRISPOT and also the development of the HOMESPOT Consumer Loans Business Competitive Advantage and
digital platform as a mortgage ecosystem engine as well as the Innovation
BRI Property Expo KPR marketing program which was held on Improved services and convenience became the key to
in 2023. In addition, there was a distribution of 23,241 units of the growth of consumer loan, this was supported by the
the FLPP KPR program with a total ceiling of IDR3.62 trillion. digitalization of the BRIGuna and mortgage loan processes.
In total, new KPR disbursements in 2023 reached IDR15.52 Efficiency was carried out through business process
trillion. BRI’s commitment was demonstrated by the growth in improvements to encourage consumer business growth,
BRI KPR distribution over the last 5 (five) years averaging 12%, including BRIguna Digital and Mortgage Ecosystem With
exceeding the average industry growth of 6%. a large customer base and network spread throughout
Indonesia, digitizing business processes is one of the keys to
BRI is always committed to increasing double-digit credit card sustainable growth going forward. With this, it is hoped that
and solid digital lending. In 2023, credit cards and digital consumer loan services will be easier but pay attention to
lending grew grow by IDR1.74 trillion or 27.99% from 2022. risk and remain prudent. BRIguna’s market share is currently
This increase was generated from an increase in credit card the highest (market leader), while KPR is currently the top 5
transactions, the majority of which came from the retail and largest mortgage lenders in Indonesia.
e-commerce sectors in 2023 as well as cooperation new,
namely paper.id and next card. Throughout 2023 BRI co- Business Prospects and Strategies for Consumer Loans
branded credit cards were welcomed by the public as reflected Business in 2024
in the increase in BRI co-branded credit card transactions by BRI’s Consumer Business, which has a wide range of products
157% yoy . and services, from consumer loans and credit cards, deposit
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Management Discussion and Analysis
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transaction products and services (retail payment and conducting integrated payments and partnerships with partners
mass funding) and financial management products (wealth to increase engagement with customers. The development of
management). BRI’s consumer business strategy is aimed at digital capabilities ultimately aims to improve the efficiency
achieving its aspirations in 2025, namely Become The Leading of business processes. The strategic steps that will be taken to
Consumer Bank In Indonesia on The Back of Distinctive Customer support these things are encouraging the growth of consumer
Experience and Market Beating Digital Solutions. To support the business loans in a sustainable manner through increasing
achievement of these aspirations and consider the company’s digital capabilities, including in the form of strengthening BRI’s
internal and external conditions, in 2022 BRI’s consumer unsecured lending business through BRIGuna Digital, mortgage
business will carry the theme Enhancing Digital Collaboration expansion initiatives through the BRI Mortgage Ecosystem and
which focuses on developing the digital capabilities of consumer integration with BP Tapera, increase in agency, BUMN and private
products and services in the form of feature enhancements payroll acquisitions; strengthening technology as an enabler; as
that aim to meet every customer’s financial needs through well as increasing the capability of marketing personnel.
SuperApp. BRImo, as well as providing a better user experience by
NETWORK AND SERVICES DIRECTORATE PERFORMANCE SUMMARY
The development of digital economic and financial Strategic steps that have been taken include innovation
transactions has accelerated rapidly in recent years. through the BRImo SuperApp, expanding reach at various
Steady support for technological innovation has merchants, as well as strengthening other digital services
triggered major changes in customer preferences in in line with BRI’s 2023 initiative, namely ”Strengthen
transactions and accelerated the adoption of digital Retail Banking Capabilities”. The transformation carried
banking. BRI is consistently committed to carrying out out by BRI has recorded positive performance in the retail
digital transformation to provide easy access to financial business, especially in generating fee-based income which
services, as part of efforts to compete in the retail banking reached IDR 8.2 trillion, where the BRImo Super App
sector while adhering to meeting customer needs in a contributed 30% and the remainder was generated through
comfortable, fast and safe manner for both individual and digital merchant services and other retail banking services.
business customers.
22:47
BRImo Performance
Total User Total Financial Transaction Transaction Value
(in million) (in million) (in trillion)
1,825.4
3,088.8
2,669.1
4,158.8
23.8
31.6
The user base of BRImo is Dec 22 Dec 23 Dec 22 Dec 23 Dec 22 Dec 23
steadily increasing, maintaining a high
rating for user comfort 32.6% yoy 69.2% yoy 55.8% yoy
BRImo SuperApp is increasingly popular and has been international transactions such as opening an account
used by 31.6 million customers, recording more than 3 using a foreign cellphone number, transfers to more
billion transactions throughout the year with a volume than 100 countries and QR payments in Singapore. This
of IDR 4,159 trillion and is increasingly becoming a step not only illustrates its commitment to providing
mainstay because it is equipped with various financial easy access to financial services, but also marks BRI’s
transaction features in collaboration with more than comprehensive efforts in meeting customer needs,
3,000 partners. Transactions with BRImo are now from online onboarding to cross-border services.
increasingly unlimited with the presence of features for
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Merchant Performance
Total Merchant EDC Sales Volume
(in thousand) (in trillion)
238.1
354.8
151.5
230.7
Dec 22 Dec 23 Dec 22 Dec 23
49.0% yoy 52.3% yoy
BRI also focuses on strengthening the ecosystem by main choice for accepting payments at merchants both
expanding acceptance through EDC, QRIS and online offline and online. Various initiatives to strengthen BRImo
acquiring businesses. A number of initiatives have been and control the ecosystem are also supported by increased
implemented ranging from collaboration with strategic capabilities, electronic network reliability (SSBT, CRM, ATM,
partners, improving the acquisition process, increasing EDC) and optimal complaint handling.
supervision, to adding the best features that make BRI the
SAVINGS BUSINESS AND RETAIL BANKING SERVICES fund transfer (AFT) feature where customers can
Meeting the needs of individual customers and retail determine the date and nominal target funds they
businesses, BRI provides a wide selection of savings products want and are equipped with life insurance facility
as follows: options.
1. BRI Savings b. BRI Junio
a. BritAma Savings to introduce children to the culture of saving
BritAma is a savings account for individual customers and digital transactions from an early age, bundled
which is equipped with digital banking facilities and with an attractive special design debit card.
an online real-time system which makes it easier for 2. BRI Deposits
customers to make transactions anytime and anywhere Investment options for customers are available in various
and is equipped with free personal accident insurance currencies, both Rupiah and foreign currency, with
cover. competitive interest rates with a placement period of 1 to
- BritAma Business 36 months. This product is intended for individual and non-
The need for higher transaction limits for retail individual customers who want higher returns than savings
business customers, both individual and non- products. Opening deposits can be done through BRImo
individual, can be met with BritAma Bisnis which or BRI work units with two choices of interest payment
also offers free administration fees every month. mechanisms, namely directly through the account or added
- BritAma Mitra to the main deposit component (add on). Currently, BRI has
This is a savings account specifically intended for developed a scriptless deposit product to accommodate
customers of partner/collaboration companies the needs of customers who have many cards and proof
with one of the facilities offered being a salary of deposit ownership is provided in the form of an email
distribution service (payroll) for its employees. notification so that customers can manage their deposit
- BritAma Plan accounts more effectively and efficiently.
Term savings for customers who have an interest in
investing or financial planning with an automatic
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Management Discussion and Analysis
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BRI savings products are also equipped with banking service transportation. You can top up your BRIZZI balance using
facilities that facilitate transactions through: the BRImo SuperApp, online and offline merchants such as
1. BRImo Tokopedia, Traveloka, Alfa Group, Indomaret, Yomart, and
BRImo is a financial SuperApp for various customer others.
transactions anytime and anywhere without the need to 3. BRI Debit
go to the bank. Transactions offered range from online BRI Debit is a debit card that functions as a financial and
on boarding both from within and outside the country, non-financial transaction tool. The BRI Debit Card can be
payments, purchases, investments, insurance, to financial used to carry out on/off transactions offline using BRI EDC
recording. BRImo also facilitates customers who have or other banks, and can also be used for online transactions
cross-border transaction needs through international using the online debit method (transactions at Mastercard
transfer features to more than 100 countries and QR network merchants) and direct debit (transactions at
payments abroad. BRI collaboration merchants). Apart from debit cards in
2. BRIZZI physical form, currently there are also debit cards available
It is electronic money that replaces cash which functions where card issuance is done via the BRImo SuperApp which
as a means of payment at merchants and public can be used for transactions at merchants, sites or online
facilities such as parking, tolls and other collaborated applications that have the Visa network.
Tabel Kinerja (Produktivitas) Bisnis Simpanan dan Perbankan Ritel
Growth
Description 2023 2022
Nominal %
Total Retail TPF 488,122,102 469,090,526 19,031,576 4.06%
Total Retail Accounts 39,003,453 37,092,253 1,911,200 5.15%
Total Retail Third Party Funds in 2023 reached IDR 488.12 b. Controlling outgoing funds through customer follow-
trillion, an increase of 4.06% yoy compared to 2022 which the-money activities so that fund circulation can be
amounted to IDR 469.09 trillion. This increase mainly came integrated into one closed loop transaction ecosystem
from savings growth of 2.15% yoy which was influenced at BRI.
by increased customer transaction activity in carrying out c. Optimizing data based on analytics to understand
business processes. The growth in deposits is in line with the customer behavior and provide product solutions
growth of retail savings accounts in 2023, in total accounts according to their needs.
in 2023 managed to grow by 5.15% yoy, increasing from d. Launching loyalty programs such as Brimo Festival,
37,092,253 account units in 2022 to 39,003,209 account units BRIPoin, Britama Tanam Kebaikan and so on.
in 2023. Growth in retail savings accounts was mainly sourced e. Developing a culture to improve CASA and retail
from savings account growth of 5.15% yoy. transactions in the employee environment through
the CASAVIOR program
Strategi Bisnis Simpanan dan Jasa Perbankan Ritel Tahun 2023 f. Developing various products and features as
1. Retail Savings transaction and ecosystem solutions to meet customer
The business strategy that the retail savings business has needs and expand partnerships.
implemented in 2023 is as follows:
a. Creating focused acquisitions, including by increasing 2. Jasa Perbankan Ritel
BRI’s EDC, QRIS and Online Acquiring acceptance The retail banking strategy for 2023 is as follows:
points with a balanced composition in urban and rural a. Customer Acquisition
areas, especially control in business hotspot areas and Penetrating new sources of growth and leveraging
trade centers. customer transactions. Accelerating focused
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acquisition activities, especially expanding merchant b. Customer scale up is carried out for existing customers
and non-merchant customers as well as carrying who have not used customer transaction facilities
out the General BritAma acquisition by dividing the optimally so they are making transfers to other banks
3 (three) focuses of HNWI, mass affluent and mass by offering products that can boost the balance
customer to facilitate product solutions for customers increase of the customer transaction base.
with specific segments and finally BritAma-based c. Acceleration to close fund leaks by following the money,
payroll. so that customers can identify leakage transactions
b. Organization Transformation and can provide products that suit customers’ needs.
Carrying out organizational changes that focus d. Carrying out customer profiling and increase product
on product management and sales management, holding to improve the quality of customer accounts.
managing savings and retail banking products as a e. BRImo as a digital attacker (an effort to increase
form of business acceleration. BRImo transactions) and make BRImo a Digital
c. Product Digitization and Integrated Solution Financial Solution Superapp for Customers
Increasing product capabilities through integrated f. Expanding the ecosystem and developing transaction
digital services in providing transaction solutions. solutions to meet customer needs.
BRImo as a digital attacker (an effort to increase g. Expanding access to digital account opening on the
BRImo transactions) and make BRImo a digital BRI internal platform, subsidiary company platforms,
financial solution superapp for customers. and in collaboration with e-commerce platforms,
d. Strategic Partnership fintech and other third party digital platforms.
Collaborating with third parties to expand customer h. The B2B acquisition aims to create a closed loop
acquisition. savings ecosystem so that BRI will obtain a sustainable
fund based on transactions within that ecosystem.
Keunggulan Kompetitif dan Inovasi Simpanan dan Jasa 2. Jasa Perbankan Ritel
Perbankan Ritel Transformation in the service sector prioritizes a client
Transformation in the service sector, including products and oriented approach, including products and platforms
platforms, is realized in the form of improving operational such as strengthening the BRImo Financial Superapps
standards and platform enhancements. These steps are taken innovation developed as a one stop solution for various
to increase customer satisfaction and increase customer base, customer financial transactions. Not only that, various
and are expected to produce low cost funding originating from digital ecosystem platform enhancements such as Brimola,
transactions. Smartbilling, Ibbiz have also been carried out to increase
penetration of ecosystem-based payment convenience.
Prospek Usaha dan Strategi Simpanan dan Jasa Perbankan These steps are taken to increase customer satisfaction
Ritel Tahun 2024 and increase customer base, and are expected to produce
In achieving BRI’s 2024 vision, namely Strengthening Retail low cost funding originating from transactions.
Banking Capabilities and Optimizing Subsidiary Companies,
BRI will focus on increasing control of the CASA market, BRI Digital Savings
especially in the savings deposit type. In an effort to make BRI Digital Saving is an online account opening channel via the
this happen, BRI continues to strengthen its retail banking BRImo application or through collaboration with third parties
capabilities through the use of digital technology, mastery of in the form of a launcher . The opening process is carried out
the transaction ecosystem, and strategic collaboration with fully digitally so that it has standard Know Your Customer
Subsidiary Companies to always provide solutions to various (KYC) methods , account opening flow and user experience .
customer needs with a good Customer Experience. Digital savings can be used to expand BRl account opening
1. Simpanan Ritel channels , because they can be placed on BRI’s own website
Business prospects and strategies for 2024 are as follows: and application, Subsidiary Banks, or collaborating third
a. Acceleration of focused acquisition activities, parties such as Gojek, LinkAja, Dana, Bukalapak and others.
especially expanding merchant and non-merchant The position achieved in December 2023 reached 6.8 million
customers. Focus on acquiring merchants in urban accounts with a total balance of IDR15.6 trillion.
areas and increasing penetration of affluent and mass
affluent customer acquisitions.
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Management Discussion and Analysis
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Advantages of Digital Saving Digital Saving Product Marketing
Digital Saving prioritizes 3 (three) benefits for customers who Massive marketing by BRI marketing personnel, the Mass
open an account through BRI Digital Saving , namely: Funding Division is also intensively collaborating on the
1. Simple placement of the BRI Digital Saving Uniform Resource Locator
Because customers do need to come to a BRI work unit, (URL) through third parties. This placement was carried out
just download the BRImo application on the App Store/ to provide wider access for customers when accessing the
Play Store . BritAma savings account platform easily. BRI Digital Saving
2. Efficient ,developed in the form of web view and mobile view, is very
Opening an account is considered efficient because it can flexible to be used in several forms of collaboration, namely:
be done without having to wait in line, it does not waste 1. BRI Work Unit/BRI Group/BRI Application
data packages because no video calls are made , and the To reduce the queue for opening accounts in work units,
account opening process only takes around 5-10 minutes. the Mass Funding Division has asked for help from the
Apart from that, customers can also be registered as Service Contact Center Division to socialize the BRI Digital
BRImo users automatically and the account can be directly Saving platform and customer service and security have
used for financial transactions. also been equipped with cue cards so they can directly
3. Secure direct customers who want to open an account to this
Opening an account through BRI Digital Saving is more platform . Apart from walk-in customers , BRI Digital
secure because: Saving can also be used for BRI internal applications.
a. Customer driven data (avoiding human error due 2. Collaboration with Third Party Websites or Applications
to input by other people). The input data is verified This collaboration covers all customers, both those
host to host to the Dukcapil database and BRI verifies initiated by the head office ( fintech , marketplace ,
the One Time Password (OTP) which is sent to the electronic money ) and those initiated by the regional
registered cellphone number. office ( university website , local agency or company).
b. Customer Due Diligence (CDD) is carried out using 3. Work Unit Acquisition Event
facial recognition engine so that it is objective Work unit acquisition events or local scale marketing
and measurable, because it compares customer programs can also now use BRI Digital Saving . Several
photos taken from 8 (eight) second videos that have events have taken place and utilize BRI Digital Saving as
been recorded with biometric data available at the one of the registration requirements.
Population and Civil Registration Service (Dukcapil)
with predetermined thresholds . determined by BRI.
c. Implementing liveness detection , namely a
mechanism for checking customers’ eye blinks and
mouth sounds so as not to allow the account opening
process to be replaced by robots, moving images or
other inanimate objects that are not the actual owner
of the Population Identification Number (NIK).
d. Issuance of digital certificates by a Certificate Authority
(CA) which is also credible and has been audited
by the Ministry of Communication and Information
(Kemkominfo) so that there is no repudiation or no
potential rejection of proof of signing of customer
account opening documents.
e. Scoring account opening data, for categorizing
customers ( low, med, high ) risk so that customers can
be filtered based on their potential risk.
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Corporate Segment
The Corporate segment includes Corporate Business, Institutional Business and Transaction Banking , Syndication Business and Non-
Bank Financial Institution Services.
SUMMARY OF INSTITUTIONAL & WHOLESALE BUSINESS DIRECTORATE PERFORMANCE
Unstable global and domestic macroeconomic conditions in 2023 2023, the Global Cash Management System feature was added to
mean that the Institutional & Wholesale Business Directorate QLola, which can now be used by BRI overseas branch customers,
continues to be encouraged to determine the right strategy including BRI Singapore and BRI Timor Leste.
to increase its business growth in 2023 through strengthening
product and platform capabilities, especially digitalization In the midst of global geopolitical uncertainty, economic
innovation, increasing exposure to existing and new wholesale performance in 2024 is expected to continue to grow positively.
customer business transactions. selectively, as well as providing In line with this, the wholesale business segment will experience
wholesale customer value chain pipelines to support mastery of growth in line with the increasing need for financing in several
the SME and Micro business ecosystem. industrial sectors such as energy, mining, palm oil and fast moving
consumer goods. Even though commodity prices are predicted
During 2023, the portfolio of the Institutional & Wholesale to tend to stagnate and even decline slightly, the predicted
Business Directorate showed growth; in 2023 the corporate reduction in interest rates at the start of semester 2 of 2024 and
segment loans reached IDR 206.82 trillion, an increase of 14.51% the strengthening of the Rupiah exchange rate will certainly be a
compared to 2022 which was IDR 180.62 trillion, with NPLs positive catalyst for wholesale business growth in 2024.
remaining maintained at 3.86%. In terms of savings in 2023,
it reached IDR 491.09 trillion, so that in terms of Intermediary To continue the positive trend of achieving good performance
Ratio (LDR) in 2023 it was recorded at 42.12%, this is in line with throughout 2023 above, the Institutional & Wholesale Business
the focus of the corporate segment on optimizing its sources of Directorate has prepared a more focused strategy, including the
funds. In addition to the growth in wholesale/corporate segment following:
figures, during 2023 the Institutional & Wholesale Business a. Digital transformation remains the main focus, especially
Directorate also implemented a collaboration strategy with in anticipating technological and digital developments in
the non-wholesale segment to increase value chain business the field of transaction banking, including the use of AI and
acquisitions from wholesale customers. This step results in a Blockchain.
significant increase in the number of transactions and value chain b. Collaboration with Fintech Companies to improve transaction
business volume, both in the form of providing loans facilities and services to remain competitive in the market, such as payment
in the form of trade and guarantee facilities to vendors, suppliers, gateways and e-commerce. Through this synergy, fintech
distributors and retailers, as well as depositing CASA from the companies can collaborate on the technological potential to
value chain. support innovation in transaction services at BRI.
c. Increasing wallet share in the wholesale segment to provide
The trade finance and guarantee business in the wholesale/ new sources of business growth through strengthening the
corporate segment during 2023 showed quite significant customer business ecosystem which focuses on sectors
volume growth, trade finance grew 19.5% yoy (increased including e-commerce, telecommunication, oil and gas,
IDR116.05 trillion), and bank guarantees grew 29.9% yoy energy and mining, food and agriculture, healthcare and
(increased IDR24,98 trillion). Institutional Business (Ministries pharmacy, and consumer goods.
and Institutions, TNI, Polri) during 2023 showed positive d. Maintain the growth of wholesale funds in line with BRI’s
growth, where BRI is the market leader in work units (59.72%) business expansion needs while maintaining an efficient
and payroll (62.24%) in Ministries and Institutions, TNI, and wholesale fund cost of funds in order to continue to provide
Polri. optimal profitability for BRI.
e. Strengthening BRI’s positioning and market share in
After BRI launched in 2022, BRI’s Integrated Corporate Solution institutional businesses (Ministries, Institutions, TNI and Polri)
Platform, namely QLola, experienced an increase in customer including payroll, consumer services, work units services, as
cash management transaction volume by 33.9% yoy, and reached well as other banking service collaborations.
IDR6,788 trillion. This increase occurred in both the wholesale and f. Increasing RM and product specialist capability building
non-wholesale segments, with a fairly large increase in the number through internal and external training at home and abroad as
of QLola clients, namely more than 4,800 new clients. At the end of well as coaching processes by experts.
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PERFORMANCE SUMMARY OF COMMERCIAL BUSINESS SUB DIRECTORATE
The Commercial Business Sub-Directorate is currently part supporting services. The commodities financed include palm
of the Small and Medium Directorate, which is part of BRI’s oil plantations, sugar, trade, livestock, and so on.
Corporate Business which consists of State-Owned Enterprises
(SOE) Corporate Business and Non-SOE Corporate Business. Agribusiness, manufacturing, consumer goods, health industry
The Non-SOE Corporate Business serves non-SOE corporate and e-commerce segments are the target markets for Non-SOEs
customers with top tier classifications in each industrial Corporate Business. Agribusiness loan development prioritizes
sector and provides integrated financial product and service financing for export commodities that have a competitive
solutions, both for loan facility needs, as well as placement advantage and multiplier effect on micro businesses and
and management of funds and transactions. The business SMEs. Meanwhile, the non-agribusiness segment distributes
products and services provided include savings management, loans to a number of industries such as pulp and paper,
loans, as well as various transaction banking services and consumer goods, automotive, e-commerce and the health
business banking services. In providing loan facilities, the industry. Services to corporate segment customers are carried
Business Division also seeks to optimize opportunities in out end to end with a tailored proposition according to the
terms of value chain business and cross selling. Currently client’s business character, including managing deposits,
the Commercial Business Sub Directorate consists of the providing various types of financing facilities, as well as various
Manufacturing and Property Division and the Agribusiness transaction services ranging from Qlola cash management,
Division. The Manufacturing and Property Division serves treasury, investment services and other banking business
the non-agribusiness segment in distributing credit to a services. Corporate Business also plays a role in catalyzing
number of industries such as pulp and paper, consumer the growth of other segments, namely the micro, consumer
goods, automotive, e-commerce and the health industry. The and SME segments by optimizing the business value chain and
Agribusiness Division is a division that provides commodity cross selling in the business ecosystem.
financing from the upstream sector, downstream sector and
CORPORATE BUSINESS
Corporate Business at BRI is managed by two Directorates, namely 1. Growing through selective and careful business expansion
the Institutional & Wholesale Business Directorate and Sub (selective growth).
Directorate of Commercial Business. Corporate Business includes 2. Mastery of customer transactions to increase deposit of low-
State-Owned Enterprises Corporate Business and Non-SOEs cost funds (CASA transaction based) and fee-based income.
Corporate Business. The scope of Corporate Business products and 3. Increasing the volume of transactions ranging from cash
services includes deposit management, providing various types of management, trade and guarantees, foreign exchange,
financing facilities, as well as various transaction banking services supply chain financing, investment services, to managing
and business banking services. To focus more on exploring customer company payroll.
needs from upstream to downstream, since the end of 2021 BRI has 4. Becoming a catalyst to encourage growth in the SME and
divided the management of corporate segment exposure based Micro segments.
on industrial sector, into several divisions. Some of these divisions 5. Offering financial solution products and services that can
include the Agribusiness Division, Manufacturing and Property be tailored to the needs of companies in the wholesale and
Division, Energy and Mining Division, Infrastructure, Transportation, institutional sectors.
Oil and Gas Division, Non-Bank Syndication and Financial Institution 6. Increasing RM knowledge and skills as well as product
Division, Institutional Business Division and Transaction Banking specialists in wholesale and institutional settings according
Division. to the customer’s industrial sector.
In 2023, the wholesale and institutional business segments These strategies have increased achievements in the wholesale
developed innovative and adaptive strategies in response to and institutional business segments in 2023, and will continue
dynamic changes in macroeconomic conditions. In the spirit of to be developed to maintain positive momentum in achieving
continuous innovation, BRI pays special attention to the business performance. These strategic steps continue to be strengthened
needs of customers in this segment, taking a proactive approach to to ensure continued positive results in the wholesale and
facing challenges and exploiting opportunities. The strategy set by institutional business segments at BRI.
the Institutional & Wholesale Business Directorate in 2023 covered:
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Table of Corporate Segment Performance (Productivity) (Bank Only,in IDR millions)
Growth
Description 2023 2022
Nominal (%)
Loans 206,824,678 180,620,020 26,204,658 14.51%
Simpanan 491,087,384 464,028,257 27,059,127 5.83%
Fee Based Income 4,649,387 3,207,080 1,442,307 44.97%
Based on the performance table above, corporate segment 42.12%, this is in line with the corporate segment’s focus on
loans in 2023 reached IDR 206.82 trillion, an increase of optimizing its sources of funds. Fee based income in 2023 was
14.51% compared to 2022 which reached IDR 180.62 trillion. IDR 4.65 trillion, an increase of 44.97% compared to 2022
In terms of savings in 2023, it was IDR 491.09 trillion, so in which was IDR 3.21 trillion.
terms of Intermediary Ratio (LDR) in 2023 it was recorded at
Table of Corporate Segment Performance (Productivity) Per Sector (Bank Only,in IDR millions)
Growth
Corporate Segment Loans Per Sector 2023 2022
Nominal (%)
Agriculture 30,265,580 25,515,870 4,749,710 18.61%
Mining 28,995,667 12,408,587 15,587,080 125.62%
Industry 45,361,102 47,533,803 (2,172,702) (4.57%
Electricity, Gas and Water 28,659,200 34,640,499 (5,981,299) (17.27%)
Construction 21,202,421 20,620,402 582,019 2.82%
Trade, Restaurants and Hotels 17,066,890 11,785,946 5,280,944 44.81%
Freight, Warehousing, Communication 14,209,161 8,228,382 5,980,779 72.68%
Business World Services 20,092,877 18,766,103 1,326,774 7.07%
Social Services 1,971,114 1,119,793 851,321 76.02%
Etc 667 635 32 5.03%
Total 206,824,678 180,620,020 26,204,658 14.51%
The total loan performance for the corporate business segment 1. RM Workbench Development
was IDR206.83 trillion, an increase of 14.51% compared RM Workbench is used to increase the productivity
to 2022 which was IDR180.62 trillion. This increase mainly of the wholesale segment in terms of achieving KPIs,
came from growth in the mining sector of IDR15.59 trillion or collaboration tools, account planning, and value chain
growing 125.62%, the transportation-trade-communication tracking because so far there has been a gap in monitoring
sector of IDR5.98 trillion or growing 72.68% and the trade- this due to limited tools.
restaurant-hotel sector which grew IDR5.28 trillion or 44.81%. 2. Development of the Next Development Phase of WCWB
on End to End Loan Process
Corporate Business Strategy in 2023 BRISpot Corporate is an initiative to accelerate the
Through various product innovations and appropriate acceleration of the loan process starting from applying for
business strategies, Corporate Business at BRI recorded good loan facilities to loan decisions in the corporate segment
performance throughout 2023. To continue this positive trend, as an effort to realize the aspirations of the corporate
a more focused strategy is needed, including the following: business segment, namely “House Bank for Leading
Indonesian Corporates and Institutions”.
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Management Discussion and Analysis
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3. Implementation of Client Service Team prospects for Corporate Business continue to increase,
To support the wholesale segment’s BRIvolution 2.0 supported by economic improvements after the decline in
aspirations regarding pain points in the marketing process Covid-19 which has encouraged public consumption. The
by wholesale segment RMs, a work program is needed to corporate business prospects and strategies are explained as
maximize the business potential of corporate customers follows:
by collaborating between work units with the aim of 1. Business prospect
making improvements to business processes, namely Especially for non-SOEs corporate businesses, the
setting up the next gen sales operating model (CST). agribusiness sector has quite good prospects, especially
implementation). in the palm oil industry. The prospects for the palm oil
4. BRITASK Development industry are now increasingly bright both in the domestic
KMK W/A and KJP disbursement mechanism which forms a market and in the world market. This sector will become
limit in the form of a reference number and disbursement increasingly strategic because it has a great opportunity
per account. to play a greater role in becoming a motor for national
5. Value Chain Tactical Program economic growth and absorbing labors. Palm oil is a
The value chain tactical program is used to activate the basic requirement for a number of foodstuffs, industrial
role of regional offices and branch offices that are clear needs and vegetable oil fuel. The palm oil portfolio in the
and tactical in nature to boost collaborative value chain Agribusiness Division currently stands at 57%, so in the
performance. future it is possible for the Agribusiness Division to expand
into sectors outside of palm oil with the aim of mitigating
Corporate Business Competitive Advantage and Innovation spreading risk, of course while prioritizing the top ten
Institutional & Wholesale Business development is directed at debtors in its business sector. The manufacturing sector
achieving the vision of Becoming The House Bank for Leading has very high prospects in line with the large demand
Indonesian Corporates & Institutions in 2025. The Institutional from the public and the manufacturing sector each year
& Wholesale Business segment focuses on building long-term contributes to the national gross domestic product.
strategic relationships with large customers. BRI as the largest 2. Corporate Business Strategy
bank in Indonesia operating in this segment provides a variety Corporate Business Strategy will focus on several
of financial services to meet various customer needs. strategies, namely:
a. Optimizing existing customer transactions.
The intense business competition currently faced by business b. Looking for new sources of growth, by expanding to
actors means that business actors are always looking for ways new customers and industry segments with a focus on
to make the business they run more effective and efficient, fee income generation and transaction based business.
and of course generate maximum profits for business c. Selective loan growth by targeting customers with
expansion needs. Effective and efficient are the two main priority and investment to grow criteria, especially
keywords delivered to customers. By connecting all business lending to new industries that are a priority for the
activities of a business ecosystem on one banking platform, government, including agro technology, green and
namely QLola by BRI, all business activities become digitally food industries, energy security-based industries, and
connected. The effect of connecting the business activities of others.
an industrial ecosystem on one platform, makes it easier for d. Increasing the CASA portion of corporate customers
BRI business customers to carry out business activities such in order to maintain wholesale costs of funds as
as payments, use of bailout facilities, bank guarantees, trade efficiently as possible by applying the principle of
services and liquidity management. By integrating all products transaction-based products and services.
and connecting business activities at QLola by BRI, it is also e. Ecosystem-based business development for each
easy for BRI customers to monitor asset and liability portfolios, industrial sector to optimize value chain potential
track ongoing business processes and calculate cash flow by collaborating with SME, Consumer and Micro
projections that must be prepared. Therefore, we say that businesses, will prepare special offers for client
these things really facilitate the business activities of business business ecosystems from upstream to downstream
actors, so that business processes run more effectively and and supporting services that can serve transaction,
efficiently. savings and loan needs as well as able to support the
efficiency and effectiveness of clients’ businesses,
Business Strategy Business Prospects and Corporate for especially regarding finances. This activity is in line
2024 with BRI’s Corporate Business aspirations to become
In accordance with the business sectors managed by Corporate a catalyst of growth in the SME, Consumer and Micro
Business, namely agribussiness, manufacturing, consumer segments and support the formation of close loop
goods, health industry serta e-commerce, the business transactions in the client’s business ecosystem.
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INSTITUTIONAL AND TRANSACTION BANKING BUSINESS
Institutional Business
BRI has a big role in the institutional business to provide banking , marketplace government , platform /ecosystem collaboration ,
products and services for state institutions or institutions sourced etc. ), value chain ( vendor financing , domestic/foreign loans, bank
from the State Revenue and Expenditure Budget (APBN). The guarantees, etc.) and other banking services to meet the needs of
banking solutions provided include management of savings services institutions or institutions so that BRI serves the business ecosystem
(current accounts and deposits), distribution of ASN Performance overall. The customers served by institutional businesses are
salaries and allowances, distribution of social assistance, state Ministries/Government Agencies, TNI, Polri, State Insurance, Public
revenues (Tax, PNBP, etc.), digital banking ( Qlola, virtual account Service Agencies, and State Universities.
Table of Institutional Business Performance (Productivity) (in IDR millions)
Growth
Description 2023 2022
(Nominal) (%)
Current account 43,929,571 36,044,082 7,885,489 21.88 %
Deposit 88,625,508 82,186,259 6,439,249 7.83 %
Institutional Business Current Accounts in 2023 amounted to by BRI Institutional Business. Institutional Business has digitized
IDR43.93 trillion, growing 21.88 % compared to 2022 which state financial services through various products such as migrating
amounted to IDR36.04 trillion. This increase was in line with Ministry demand deposits into virtual accounts equipped with
the Company’s strategy to increase the collection of low-cost, the Qlola transaction service platform , Government Credit
transaction-based funds by optimizing wholesale customer Cards (KKP), and is actively involved in various financial platform
business. Likewise, Institutional Business deposits in 2023 digitalization processes in each Ministry/Institution. BRI’s
amounted to IDR88.63 trillion , an increase of 78.3% compared institutional business is also getting deeper into working on the
to 2022 which amounted to IDR82.19 trillion. In addition, the value chain of Ministries/Institutions.
institutional business succeeded in increasing CASA from 30,49%
in 2022 to 33, 14% in 2023 which also had an impact on fund Business Prospects and Strategy of Institutional Business in 2023
stability and Cost of Deposit (COD) efficiency . The business prospects for ministries/institutions are very good because
there are many opportunities that have not been exploited so far. So far,
Institutional Business Strategy in 2023 BRI has been strong in the Employee Expenditure and Social Assistance
Institutional Business focuses on CASA (current account) growth, Expenditure Ministries/Agencies sectors. However, it is a minority in
maintaining Cost of Deposit (COD), accelerating customer value the goods and capital expenditure sector. For this reason, since 2021
chains , becoming a bridge for other BRI business segments in and in future business plans, BRI has planned to work on the value
working on institutional business, and building collaborations on chain Ministry/Agency capital expenditures and goods , such as vendor
digital banking platforms with institutional customers . financing, bank guarantees, employee loans, Financial Institution
Pension Funds, custodian, trustee and so forth. BRI is also increasingly
Institutional Business Competitive Advantage and Innovation building various government digital platform collaborations because
BRI Institutional Business is a leader in managing state finances. they are the biggest component in the transformation of state financial
More than 65% of savings, salaries ( payroll ) and performance management. BRI’s institutional business is also becoming more
allowances for Indonesian Ministries/Institutions are managed efficient because it has succeeded in increasing CASA and maintaining
Cost of Deposits (COD) amidst tight competition in interest rates.
TRANSACTION BANKING BUSINESS
The Transaction Banking business has played an important of funds and increase the acquisition of fee based income The
role as one of the main pillars for maintaining BRI’s business target of the transaction banking business segment is companies
continuity in 2023 and in the future. Because the big role of and/or agencies that have complex financial transaction needs
the transaction banking business is to accelerate the collection that are closely related to liquidity management.
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Management Discussion and Analysis
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The products and services offered by the transaction banking current account) and can be done via ATM or digitally
business include the following: through Qlola Cash Management.
1. Qlola Cash Management (one of the products on the Qlola 3. BRI Trade Finance
platform ) It is a comprehensive and integrated export-import service
It is an internet-based banking financial service solution for exporters/importers either via Letter of Credit (L/C) or
with a user interface and in the form of web services that are Non-L/C and Letter of Credit with Domestic Documents
connected to the customer’s system. The services provided (SKBDN). These various services have also been integrated
can be platform-based and non-platform. Platform-based end-to-end with the Qlola platform under the name Digital
service features include receivables, liquidity management, Trade.
payment, supply chain management, trade finance and 4. BRI Bank Guarantee
guarantee features with the advantages of being user It is a service for bank guarantee needs (contingencies) both
friendly, real time and having adequate security features locally and internationally in the form of facilities provided to
(hard and soft tokens). The non-platform based transaction customers including insurance guarantees, non-cash loans,
features are in the form of web services and virtual accounts cash collateral and under counter guarantees. These various
(BRIVA) which support financial transaction needs in general services have also been integrated end-to-end with the Qlola
or can be customized to customer needs. platform under the name Digital BG.
2. BRI Current Account
It is a savings product that serves customers’ transactional
needs, with withdrawal facilities via script (cheque/bilyet
Table of Transaction Banking Performance (Productivity) (in IDR millions)
Growth
Description 2023 2022
(Nominal) (%)
Volume Trade Finance 711,928,396 595,877,310 116,051,086 19.48%
Volume Bank Garansi 108,703,349 83,714,386 24,988,963 29.85%
include Qlola Cash Management 6,788,672,110 5,070,180,009 1,718,492,101 33.89%
Volume BRIVA 830,293,400 635,382,770 194,910,630 30.68%
Transaction banking performance in 2023 generally showed 3. Delivering Superior Value Propositions, namely increasing
improvement. This can be seen from the trade finance volume the value proposition through providing end to end solutions
which increased by 19.48%. Meanwhile, the volume of bank for customer transaction needs (Qlola) which combines all
guarantees increased by 29.85%. The growth of trade finance customer transaction needs on one platform.
and bank guarantees was supported by various improvements 4. Developing Best In Class Product Verticals and Horizontally
in operational procedures, products, as well as the digitization Aligned with Client Needs, by increasing product capabilities
of trade and guarantees on the Qlola platform. Customer through integrated digital services to meet customer needs.
transactions via the Qlola cash management platform during
2023 also increased. Qlola cash management cash management Transaction Banking Competitive Advantage and Inovation
volume experienced growth of 33.89%. Meanwhile BRIVA’s Competitive advantage and transaction banking innovation
volume increased by 30.68%. focuses on product digitization and integrated solutions, one of
the results of which is the Qlola platform. QLola is an Integrated
Transaction Banking Business Strategy for 2023 Corporate Solution Platform innovation that makes it easier for
The transaction banking strategy for 2023 was Accelerate to the customers to access various BRI products and services with just
Future by Developing Best in Class Product which consists of: one login. Qlola’s single sign on access feature consists of cash
1. To be the Value-Added Leader for our Clients in Transaction and trade products, supply chain management, foreign exchange,
Banking Market, namely becoming the bank of choice for investment services, financial dashboard and other services. The
customers by prioritizing the best features and services so as aim of product competitive advantage and transaction banking
to provide added value for customers. innovation that has superior value propositions in the market is
2. Deepening Client Centric through New Flows and Programs, to make it more reliable for generating fee based income and low
through a focus on penetrating new customers who will cost funding originating from transactions. The combination of
become the focus of new segments. competitive advantage and innovation in transaction banking
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products and services provides customers with increased served using BRI products and services. Apart from focusing
convenience, security and efficiency, supporting overall business on new sources of growth, transaction banking will strengthen
growth. the retail segment with products and services such as supply
chain financing, BRIVA and retail current accounts. To help
Business Prospects and Strategy for Transaction Banking increase retail current accounts, transaction banking utilizes
Business in 2024 data analytics to generate new leads and insights that will be
Transaction banking will focus on penetrating new sources of used by marketers. Facing increasingly fierce competition,
growth originating from currently developing industries such as the Transaction Banking Division needs to maintain service
digital, multi-national companies and FMCG. Apart from that, quality, increase innovation, and remain responsive to changes
transaction banking also optimizes the value chain of existing in market trends and customer needs to ensure sustainable
customers so that customer ecosystem transactions can be business growth.
SYNDICATION AND NON-BANK FINANCIAL INSTITUTION
SERVICES BUSINESS
Syndication and Financial Institution Non Bank Division has two businesses. The Non-Bank Financial Institution Division provides
main business lines, namely: integrated services (one-stop financial solutions) for non-bank
1. Syndication services business, including the functions of financial companies, both in the form of providing funding
arranger, facility agent, escrow agent and guarantee agent. and savings facilities, and other financial services that can be
2. Provision of facility limits, both committed and uncommitted, customized according to customer needs. Providing facilities
to the Non-Bank Financial Industry, both SOEs and Non-SOEs.. includes providing security line facilities, forex lines, short-
term loan facilities, intraday facilities , bank guarantees and
BRI Syndication has experience in handling syndicated loans guarantees for various needs. The Non-Bank Financial Industry
in various business sectors, such as infrastructure, electricity, (IKNB) which is BRI’s target market includes finance companies ,
manufacturing, oil and gas, trade/hospitality/restaurants, insurance, securities, special financial institutions and other non-
plantations, mining, property and other projects in green bank financial institutions.
Table of Syndicated and Non-Bank Financial Institution Services Business Performance (Productivity) (in IDR millions)
Growth
Description 2023 2022
(Nominal) (%)
Fee Based Income 245,916 199,487 46,429 23.27%
Outstanding Loan 11,352,705 8,545,428 2,807,277 32.85%
Instanding savings 46,026,235 41,434,892 4,591,343 11.08%
As of December 2023, the Syndication and Financial Institution Syndication and Non-Bank Financial Institution Services
Non-Bank Division has recorded fee based income of IDR245.92 Business Strategy in 2023
billion, an increase of 23.27% compared to 2022 of IDR199.49 In 2023, BRI Syndication Business continued to prioritize loan
billion, this increase was in line with the increase in transactions distribution, especially for infrastructure, agribusiness and
volume, yields, loans and market share from syndicated electrification projects which have growth prospects during the
businesses. Outstanding loans managed by the SJK Division current year. In addition, BRI BRI also increased the capability and
in 2023 amounted to IDR11.35 trillion, an increase of 32.85% specialization of the BRI syndication team in preparing Corporate
compared to 2022 of IDR8.55 trillion which came from lending Loan Structures in accordance with international standards
to financial companies, both subsidiaries and other financial (Asia Pacific Loan Market Association/APLMA), so as to improve
companies. In terms of total deposits, it increased 11.08% from the function of arrangers and agencies in capturing business
IDR41.43 trillion in 2022 to IDR46.03 trillion in 2023 which came opportunities, expanding networks, and increasing overall
from the success of the ecosystem acquisition of non-bank transaction efficiency. Meanwhile, for the Non-Bank Financial
financial companies. Institution Services business, the focus was more on the Non-
Bank FI ecosystem to increase the wallet share of the Non-Bank
FI business through expansion in top tier financial companies and
providing integrated transaction solutions.
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Syndication and Non-Bank Financial Institution Services Business Prespect and Strategy for Syndication and Non-Bank
Business Competitive Advantage and Innovation Financial Institution Services Business in 2024
BRI Syndication Services provides corporate solutions In 2024, the Syndication and Financial Institution Non Bank
for Companies and Institutions in financing starting from Division will implement a selective strategy in providing
syndication arranger and agency functions consisting of syndication services to companies that have good prospects
facility agents, escrow agents and guarantee agents. The and focus on business operations that prioritize Environmental,
arranger and operational functions of syndication agents are Social and Governance (ESG) and Sustainability Finance aspects.
supported by competent human resources and specialists Meanwhile, from the IKNB business, the Syndication and Financial
in their fields. Providing facilities for companies in the IKNB Institution Non Bank Division will collaborate and provide support
sector also provides one stop solutions for customers. The with the BRI Group (Pegadaian, Permodalan Nasional Madani,
integration by offering Qlola as an integrated solution aims BRI Finance, BRI Danareksa), penetrating the capital market
to better support customer transactions. By strengthening ecosystem, insurance, multi-finance and other financial services.
transactions within the ecosystem, the goal is to lower overall
deposit costs. This is done by expanding and increasing the
volume of transactions in the Qlola ecosystem so as to provide
added value for customers.
Other Segments
Other segments include Treasury Business , International Business and Capital Market Support Services Business.
TREASURY AND GLOBAL SERVICE DIRECTORATE PERFORMANCE SUMMARY
BRI’s Treasury and Global Services (TGS) segment covers In line with BRI’s 2023 focus on ‘Strengthen Retail Banking
three business pillars, namely Treasury Business, Investment Capabilities’, the TGS strategy was designed to ensure optimum
Services and International Business, including the Overseas contribution and sustainable value creation, especially through
Channel which consisted of the Overseas Work Unit and Bank intensifying TGS product transactions for customers in the retail
Representative (BR). TGS continued to optimize its role in segment such as foreign exchange (forrex), cross border payments
terms of liquidity management, profitability center, capital (remittances), money changer, securities and BRIFINE by Financial
markets, providing bank lines and bank correspondence, BRI Institution Pension Funds BRI. The formulation of new business
networks abroad, TGS transaction solutions as a catalyst for growth sources, new business models and re-engineering of
other segments. business processes continued to be carried out to encourage BRI
to realize its vision in 2025 ‘The Most Valuable Banking Group in
As part of the strategy to achieve BRIvolution 2.0, TGS carried Southeast Asia and Champion of Financial Inclusion’.
the aspiration of Market Leading Bank in Treasury and Global
Services with Sustainable and Meaningful Contribution to BRI TGS solutions were closer to customers, at any moment in any
Group in 2025. Business fundamentals and other activities place, through BRI super apps: BRImo and QLola. This strategy
that continue to be transformed increasingly solidly support helped maintain the performance of the TGS segment amidst
the performance of the TGS segment amidst challenging the pressures of 2023, especially regarding the central bank’s
conditions in 2023. benchmark interest rate policy which was on an upward trend
and tighter national liquidity.
Table of Treasury and Global Services (TGS) Financial Performance (in billion Rupiah)
COMPONENTS 2023 2022 2021 2020 2019 CAGR
Total Non-Interest Income 3,073 3,254 5,472 4,284 2,139
Treasury Business 2,298 2,610 4,925 3,764 1,599
9.48%
International Business 452 357 276 282 331
Investment Services 323 287 272 238 209
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COMPONENTS 2023 2022 2021 2020 2019 CAGR
Total Interest Income 16,639 16,230 14,945 12,596 11,551
Treasury Business 15,637 15,839 14,886 12,505 11,500 9.55%
International Business 1,002 391 59 91 51
Overseas Work Unit Profit 340 499 467 376 384 (3.00%)
TOTAL 20,052 20,079 20,884 17,184 14,074 9.25%
The annual decline in TGS income from non-interest income 2. New Business Model
was influenced by treasury business activities in line with the • Increasing the role and function of Bank Representatives
thinning of the interest rate differential between domestic to be able to serve the financial service needs of
and global interest rates which had an impact on the forex Indonesian-related businesses abroad
market. Market risk management for treasury business • Addition of securities service channels for retail
managed portfolios and liquidity risk became the main focus customers on the BRIghts application, synergy with
of activity in 2023 in addition to expanding the customer base PT BRI Danareksa Sekuritas
which encouraged optimum performance of all product lines, • Banknotes sales transactions using BRI QRIS
reflected in an increase in market share in the industry. TGS’s 3. Business Process Reengineering
commitment to sustainable contributions was strengthened • Bank Line Approval System, increases the efficiency
by the implementation of the ESG (environment, social, of the bank line decision process while maintaining
governance) pillar in various activities, such as the issuance the principle of prudence
of green bonds amounting to IDR6 trillion in 2023. Apart from • Quality Management ISO 9001:2015 certification for
revenue, TGS continued to increase transactions that can custodian services
grow CASA, such as cross border payment transactions and • Implementation of ESG in TGS activities, such as
custodian services. increasing ESG-based portfolio shares in Treasury and
Financial Institution Pension Funds; issuance of Green
In order to improve performance in 2023 and strengthen Bonds and subordinated bonds on an inclusive basis;
fundamentals for the following years, the implementation of and ESG assessment in business decision making
the TGS strategy was carried out through three formulated
foundations: Business growth and sustainable contributions in line with
1. New Source of Growth BRI’s mission statement in 2024 which focused on retail
• TGS digital solutions - Development of digital access business capabilities and synergy with Subsidiary Companies
to TGS product services to make it easier for customers were the basis for preparing the TGS strategy for 2024 as
to use products offered through BRImo super apps follows:
(Financial Institution Pension Funds, foreign exchange 1. Customer Driven Products, developing TGS products and
conversion, international transfers, RDN, E-SBN); QLola services according to customer needs
wholesale super apps (Financial Institution Pension 2. Customer Base, TGS continued to increase penetration,
Funds, custodian, foreign exchange conversion, especially in the retail segment, through collaboration
international transfer); as well as iBBIZ (forex conversion) with regional offices. Increasing the customer base will
• Addition of Bank Representative corridors in the Middle also continue to be carried out through optimizing the
East (Kuwait) Overseas Work Unit and Bank Representative functions
• Utilization of customers’ Export Proceeds Foreign 3. Product channel, synergy with Subsidiary Companies to
Exchange (DHE) funds through Swap transactions and increase customer accessibility and cross-selling of TGS
placement in Bank Indonesia Term Deposits. products and services
• Connecting Indonesian business to the global market, 4. Overseas channel, increasing BRI’s network abroad
through business referrals and business matching from through the addition of BR
overseas channels with BRI customers in Indonesia 5. Digitalisasi, increasing service access for customers and
• Human Capital Solution (Ecosystem) through Financial optimizing TGS product productivity through digital
Institution Pension Funds products, namely the Defined transformation of both domestic and overseas work units.
Contribution Pension Program (PPIP); Post-Employment
Compensation Fund Pension Program (PPDKP) and
Health Compensation Fund Pension Program (PPDSK)
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TREASURY BUSINESS
Treasury products and services are one of BRI’s pillars in becoming part of the financial system which is concerned with the
a one stop financial solution to meet the needs of customers activities of issuing and trading financial instruments or debt
in both individual and corporate segments. BRI continues to securities with a term of no more than 1 (one) year in Rupiah
develop products in accordance with customer needs ( customer and foreign currency, which plays a role in the transmission
driven products ) which refer to internal and external regulations of monetary policy, achieving financial system stability and
and prioritize the principle of prudence ( risk management ). smooth payment system.
This takes into account the challenges and economic conditions 3. Fixed Income
during 2023, so that BRI is here to provide the right solutions Investment products with a fixed level of income in the
according to customers’ financial needs. In general, customers’ form of debt securities or bond trading services, issued by
needs include conducting foreign exchange (forex) transactions, the government or private sector either through the primary
money market, fixed income, and transactions related to market or secondary market .
derivative products. 4. Derivative Products
1. Foreign Exchange Transactions based on a contract or payment agreement
Trading between one currency and another currency with whose value is a derivative of the value of the underlying
a delivery time on a certain date. The foreign exchange instrument, such as interest rates and exchange rates,
products include TOD, TOM and Spot transactions . or forwards , whether followed by movement or without
2. Money Market movement of funds or instruments, but do not include credit
Based on Bank Indonesia Regulation (PBI) Number: 18/11/ derivative transactions.
PBI/2016 concerning Money Markets, Money Markets are
Table of Treasury Business Performance (Productivity) (Bank Only)
Growth
Description 2023 2022
(Nominal) (%)
Asset Interest Income (in IDR millions) 16,638,984 16,299,745 339,239 2.08%
Security Gains (in IDR millions) 1,868,756 1,591,000 277,756 17.46%
Forex Gains (in IDR millions) 428,532 1,018,444 (589,912) (57.92%)
Non-Loan Productive Assets
485 578 (93) (16.09%)
(in IDR trillion)
Statutory Reserves Ratio 86 150 (64) (42.67%)
Placement at Bank Indonesia 48 54 (6) (11.11%)
Placement with Another Bank 13 14 (1) (7.14%)
Securities 305 309 (4) (1.29%)
Reverse Repos 33 51 (18) (35.29%)
Foreign Exchange Activity (in USD million) 63,212 54,697 8,515 15.57%
Retail Client 14,415 11,785 2,630 22.32%
Institutional Clients 48,798 42,912 5,886 13.72%
Financial market movements in 2023, which are heavily management that paid attention to risk management aspects.To
influenced by economic turmoil, both global and domestic, will increasing penetration of existing products and marketing new
posed a challenge to treasury activities. One of the reasons for products to customers was the main focus to encourage non-
the decline in non-interest income in 2023 was a decrease in interest income performance as a source of sustainable treasury
treasury assets to meet liquidity needs due to growth in bank income .
lending. In 2023, the benchmark series 10-year tenor bond yield
reached its highest point at 7.26% (December 2022: 6.94%). Increasing market share with a focus on client based transactions
This was a challenge in maintaining performance originating and optimum portfolio management including liquidity
from securities transaction activities in the midst of portfolio management played a role as two main pillars in supporting BRI
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 235
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treasury performance in 2023. BRI Treasury will also continued to In addition, continuous development of human resource
optimize its function as a market maker in the domestic securities capabilities is expected to become the foundation for optimal
market considering the capacity and potential owned in portfolio treasury activities. In 2023, BRI Treasury received several
management. Client flow for foreign exchange transactions grew awards for its performance and contribution to the financial
by 15.57% yoy with the largest increase recorded in the retail market, such as:
segment at 22.31%. This became one of the fundamentals 1. Global Finance – Sustainable Finance Award
built to support the strategy in 2023 to strengthen BRI’s retail 2. Alpha Southeast Asia - The Best FX Bank For Retail Client
segment as a whole. 3. Euromoney Foreign Exchange Awards - The Best FX Bank
Rest of The World (Indonesia)
The development of the treasury business in 2024 was in line 4. LSEG Indonesia Award – Refinitiv - The Best State Bank
with one of BRI’s strategic focuses, namely strengthening 5. Bank Indonesia - The Best Conventional Bank Supporting
retail banking capabilities and optimizing the contribution Foreign Currency Monetary Control
of subsidiaries. Client based transactions, also supported by 6. The Asset – Triple A – Best in Treasury and Working Capital
the development of customer driven products as a solution SMEs in Indonesia
to customer needs, are expected to be a milestone in treasury 7. The Asset – Triple A – The Best Issuer for Sustainable Finance
performance in 2024 amidst market and economic conditions and Best Sustainability Linked Loan
that are full of uncertainty. So that the treasury business can 8. Ministry of Finance - Main SUN Dealer with the Best
continue to increase its contribution in a sustainable manner Performance 2023
to BRI’s performance in various liquidity, market and economic 9. Ministry of Finance - Main SUN Dealer with the Best
conditions. Performance in the Primary Market 2023
10. Ministry of Finance - Main SBSN Dealer with the Best
Treasury Business Strategy in 2023 Performance 2023
In 2023 treasury business strategy focuses on several things 11. Ministry of Finance - Main SUN Dealer with the Best
including: Performance 2022
1. Increasing the client base both domestically and globally, 12. Ministry of Finance - Main SUN Dealer with the Best
both institutions and individuals by carrying out joint Performance in the Primary Market 2022
marketing activities with BRI Group Work Units and synergies 13. Ministry of Finance - Main SBSN Dealer with the Best
as an effort to increase market penetration and market share. Performance 2022
2. Dynamic asset and liability management by considering
measurable liquidity, market and credit risk management, BRI continues to build an innovative culture, including increasing
as well as paying attention to the growth of the bank’s core Treasury activities in line with its vision in 2025 to become
business. a Market Leading Bank in Treasury and Global Services with
3. Enhancement of treasury business products and services Sustainable and Meaningful Contribution to the BRI Group .
through digitalization in accordance with customer needs Some of the innovation activities carried out throughout 2023
(customer driven products) is implemented through the are as followst:
BRIefx 1.2 update program while paying attention to ESG 1. BRIEFX 1.2 which consists of BRIefx Channel Integrated,
development aspects in it. BRIefx Improvement and custom pricing. Deliverable
4. Improving business processes and monitoring that are activities include the integration of all forex transactions
more effective, comprehensive and automated, supported on BRIefx which will have an impact on monitoring BRI’s
by reliable human resources, through the Guava upgrade PDN as a whole, while providing differential rates for the
program version 3.3. customer sector as a form of improving services for BRI
5. Customer driven products to increase BRI’s role as one stop Private and BRI Platinum customers in order to get a better
financial solutions while adapting to applicable regulations, exchange rate compared to normal customers. As for foreign
including in 2023 BRI will be able to carry out BSD IDR exchange custom pricing for private customers and platinum
transactions with clients. customers, this pricing can be linked to various BRI channels,
6. Comprehensive risk management in carrying out all activities for example BRIMO.
considering the challenging economic conditions in 2023. 2. Implementation Central Counterparty (CCP) is a clearing
Reducing the sensitivity of securities portfolios (through the institution appointed by the regulator to carry out the
duration indicator and DV-01) amidst the trend of increasing function of clearing derivative transactions between parties.
returns will be a focus in the second half of 2023 as a market The implementation aims to create a liquid, efficient, inclusive
risk mitigation strategy. and safe financial market and as one of the financial market
infrastructures to reduce the risk of derivative transactions in
Treasury Business Competitive Advantage and Innovation Indonesia which is estimated to have a total volume per day
BRI’s competitive advantage with a network spread across reaching eq USD 300 million.
all regions in Indonesia is one of the keys to increasing 3. BRI Swap Deposit (BSD) IDR to Foreign Currency is a structured
the treasury client base , especially in the retail segment.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
on Bank Performance
product, and currently BSD only serves foreign exchange to in 2025 to become The Most Valuable Banking Group in South East
foreign exchange transactions due to PBI 18/18/PBI/2016 Asia and Champion of Financial Inclusion with a commitment to
(in accordance with OJK permission for BSD Products). With continue to increase positive contributions to BRI. In the midst of
the new changes to PBI 24/7/PBI/2022, the Rupiah currency economic uncertainty in 2024 due to the risk of a global recession,
pairing feature will be added to foreign exchange in BSD high inflationary pressures and geopolitical conflicts. The focus
(regulatory) products. on increasing client flow from the retail business and synergy
4. Upgrading Guava version 3.3 is an upgrade as a result of the with subsidiaries will be the main focus of BRI’s treasury business
Guava deep dive demo which was carried out in September 2022 for sustainable business growth. Apart from business activities,
and in the context of FRTB Implementation (Regulator June investment activities and meeting funding needs outside of third
2023), so it is necessary to upgrade the Guava system, which after party funds are also directed to focus on Environmental, Social
upgrading Guava can meet the FRTB calculation needs. There are and Governance (ESG) so that treasury business activities not only
improvements to the calculation of daily compounding interest have an impact on the Company’s performance but also on the
for Repo transactions using ARR as well as improvements to the environment. Increasing synergies both with other businesses at BRI
treasury system, one of which is the addition of a mutual fund and with subsidiaries is also one of treasury’s focuses in optimizing
transaction bookkeeping module via Guava. products, services and revenue potential.
5. Funding Plan Issuance of non-TPF instruments is used to
meet BRI’s liquidity needs. Issuance of non-TPF funding is Marketing to foreign currency loan and savings customers and those
carried out tentatively while paying attention to the growth who have foreign currency needs, such as customers who carry out
of TPF and loans as well as market conditions. This non-TPF export-import transactions in all BRI regional offices, is the focus of
issuance includes the issuance of Long Term Notes (LTN) in the strategy to increase exchange rate activity in the retail segment.
the context of Tapera credit financing. Meanwhile, in the corporate segment, acquiring new customers and
increasing penetration of existing customers in several potential
Treasury Business Prospects and Business Strategy for 2024 sectors is a strategy to achieve one of the missions in the BRIVolution
treasury business strategy for 2024 is aligned with BRI’s main goal 2.0 Treasury and Global Services (TGS) business segment, namely
50% penetration of treasury products.
INTERNATIONAL BUSINESS
BRI has the capability and experience in serving customers’ International Business BRI has collaborated with more than
financial activity needs related to products and services in the 1,200 Correspondent Banks throughout the world in 16 foreign
fields of correspondent banking business, remittance business currencies, more than 100 Remittance Companies throughout
and banknotes business. All of these business fields have the world, and is supported by Operational Work Units spread
contributed greatly to supporting income growth in terms of across 38 provinces in Indonesia. BRI also serves foreign
interest income, fee-based income, including increasing fund currency buying and selling transactions in 22 types of foreign
collection and as a catalyst for growth in other BRI businesses. currencies in all operational work units in real-time online. The
BRI’s International Business Services are also supported development of International Business at BRI is supported by
by the presence of Overseas Work Units in New York - USA, the existence of the International Business Division at the Head
Cayman Island, Singapore, Hong Kong, Dili - Timor-Leste, Office level, especially the International Banking Department,
and Taipei - Taiwan. Apart from that, there are also BRI Bank which consists of the foreign correspondent banking business
Representatives to improve BRI Remittance business services team, domestic and south east Asia correspondent banking
and business referrals in the corridors of Malaysia, South business team, remittance business team, remittance product
Korea, Taiwan, Saudi Arabia, United Arab Emirates, Kuwait, development team, banknotes business team, and supported by
Hong Kong, Japan and Brunei Darussalam. overseas channel management and development department,
and bank line management department. Meanwhile, products
BRI’s International Business is also supported by professional and services from each department and team continue to be
workers who have international certifications such as Certified reviewed and adapted to customer needs, with the following
Documentary Credit Specialist (CDCS), Certified Specialist information:
for Demand Guarantee (CSDG), Certified International Trade 1. Correspondent Banking Business Products
Finance (CITF), Certified Trade Finance Professional (CTFP), a. Bank Guarantee Issuance Under Counter Guarantee,
Certificate in Principles of Payment (CertPAY) and Certified namely the Issuance of Local Bank Guarantee for
Trade Finance for Compliance (CTFC) which continue to be project owners issued based on Counter Guarantee
updated regularly. This shows that BRI has a full commitment that is received by Correspondent Bank.
to being a trusted and reliable business partner, in order to b. LC/SKBDN Refinancing Business, namely shortterm
provide the best International Business services and in line financing distributed by BRI to Issuing Bank based on
with customer business developments.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 237
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underlying trade transactions in a form of LC/SKBDN. this field.
c. LC/SKBDN Confirmation Business, namely added b. Banknotes Cash Withdrawals and Deposits, namely
guarantee from BRI delivered to a beneficiary based on banknotes withdrawals and deposits from and to
LC/SKBDN issued by counterpart bank (issuing bank). a customer’s foreign currency savings account are
d. Trade Asset Participation Business, the overtaking of subject to the provision in accordance with applicable
some or the entire risk of payment claims (bank risk or regulations and served at BRI operational work units.
country risk) with underlying trade that referred to the c. Same Currency Transactions, namely sales of
provision in Banker’s Association Finance and Trade banknotes to other Banks/Counterparties with
(BAFT). payments in the same currency at competitive rates.
e. Banker Acceptance, a short-term liquidity facility that
is provided by BRI as the lender or funding bank with 4. Overseas Channel Management and Development
underlying trade LC/Non-LC. The list of BRI’s Overseas Work Units is as follows:
f. Bank to Bank Forfaiting Business, overtaking of a. BRI New York Agency
payment claims without regress with an underlying Established on 8 April 1988 with a Foreign Agency
trade transaction that refer to the Uniform Custom License, BRI New York Agency became BRI’s first
Rules for Forfeiting (URF). Overseas Work Unit to follow customer business in
g. Bank Loan, it was a long-term loan facility provided facilitating loan, trade finance, treasury, cross border
by BRI to correspondent banks in order to fulfill payment, and payment and settlement transactions
liquidity for correspondent banks in rupiah and foreign in USD, as well as helping promote BRI MSMEs in the
currencies. American market. BRI New York Agency could also
provide USD clearing services to national banks and
2. Cross Border Payment Business Products other banks overseas
Cross border payment (fund transfer) can be defined as b. BRI Hongkong Representative Office
a cross-border movement/transfer of funds from the Established in 1989 as the Second Overseas Work Unit,
sender (the originator of payment) to the recipient (the BRI HKRO has a license as a Representative Office. The
beneficiary of payment). This product includes BRIfast role of BRI HKRO is as a representative of the BRI Head
inward cross border payments (cooperation and non- Office in Hong Kong in conducting business referrals for
cooperation) and BRIfast outward cross border payments. BRI products and services at head office, BRI overseas
a. BRIfast Inward Cross Border Payment (Cooperation work units and BRI Group as well as communicating
and Non-Cooperation) with all BRI stakeholders in Hong Kong (customers,
- BRIfast Incoming Cooperation is a service for shareholders, regulators, etc.). The BRI Hong Kong
sending funds from abroad to Indonesia using Representative Office also helps promote BRI MSMEs
the BRIfast application via the BRI Cooperation in the Hong Kong and China markets.
Counterpart Channel abroad, generally this c. BRI Cayman Island Branch
transaction comes from PMI (Indonesian Migrant Established on 5 November 1992 with a Banking
Workers) remittances. License Category B, BRI Cayman Islands was BRI’s
- BRIfast Incoming Non-Cooperation is a service third Foreign Work Unit serving loan, trade finance,
for sending funds from abroad to Indonesia using treasury transactions, as well as transactions related
the SWIFT platform, generally this transaction is a to financing related to Indonesia related business,
transaction that has an underlying trade (export- especially projects of the government of the Republic
import). of Indonesia.
b. BRIfast Outward Cross Border Payment d. BRI Singapore Branch
It is a transfer service for overseas destinations using BRISG was established in 2015 with a wholesale
foreign currency, including transferring funds into the banking licensed to become a BRI trade finance hub
country using foreign currency. serving trade transactions between Indonesia and
c. Global MT 940 and MT 101 Services South East Asia. The opening of a BRI Branch Office in
This is a service facility to accommodate SWIFT Singapore also became a step taken by BRI in its efforts
service needs for non-bank multinational companies, to follow business customers who had businesses
especially those that have a network of business units in the South East Asia (SEA) region. BRI Singapore
in Indonesia. Branch’s business activities included loan, trade
finance and treasury services related to Indonesia
3. Banknotes Business Products related business.
a. Purchases and sales of banknotes, are purchases e. BRI Timor Leste Colmera Branch
and sales of Foreign Banknotes (UKA) physically by BRITL has a Level B License from Banco Central
money changer transaction or same currency, with the de TimorLeste (BCTL) and officially operates from
support of workers who already have certification in March 14, 2017. The establishment of BRI Timor
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
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Leste is intended to expand BRI’s retail market by trade finance. The BRI Taipei Branch was established
offering products in the form of construction working to accommodate potential import and export
capital loans, commercial and consumer retail, bank transactions between Indonesia and Taiwan and East
guarantees, savings (savings, current accounts, Asia as well as to become a trade finance hub for BRI
deposits), cross border payment services, trade serving the area in question
finance, delivery of credit reference services, financial 5. Bank Line Management
consultants. Until now, BRI Timor Leste has 3 (three) There are several activities carried out, including:
Sub-Branch Offices, namely Futuhada Sub-Branch a. Analysis of macro condition and the risk of counterpart
Office, Hudilaran Sub-Branch Office and Audian Sub- country.
Branch Office. b. Analysis and recommendations for providing bank line
f. BRI Taipei Branch facilities.
The BRI Taipei Branch officially operated on November c. Due diligence towards counterparts in order to provide
30, 2021. With a full banking license, BRI Taipei bank line facilities.
Branch can provide retail and wholesale services d. Monitoring bank line utilization to encourage
such as savings, loans, cross border payments and optimization.
Table of International Business Performance (Productivity)
Growth
Description 2023 2022
(Nominal) (%)
Revenue (in IDR million)
International Business 1,454,354 748,531 705,823 94.29%
Volume (in IDR billion)
Correspondent Banking Business 60,905 48,117 12,788 26.58%
Cross Border Payment Business 2,425,000 2,012,581 412,419 20.49%
Banknotes Business 56,423 42,841 13,582 31.70%
the number of transactions resulting from the acquisition of
International Business Performance recorded revenue with global partners in the cross-border payment industry for the
significant growth throughout 2023. International Business retail segment in countries such as Malaysia, Singapore, Brunei,
revenue reached IDR1.45 trillion or grew by 94.29% compared Taiwan, Hong-Kong, South Korea, Japan, UAE and Saudi Arabia.
to 2022 which reached IDR748.53 billion. This growth came International Business income then came from the banknotes
from 3 (three) business segments, namely correspondent business with a total transaction volume of IDR56.42 trillion
banking business, remittance business and banknotes business. or growth of 31.70%. These banknotes business transactions
The majority or 72% of this income came from correspondent originate from money changer services in all operational work
banking business transactions with a total transaction volume units and BRI money changer outlets.
of IDR60.91 trillion or growth of 26.58%. The achievement of
correspondent banking business was supported by optimizing International Business Strategy in 2023
bank to bank business transactions with underlying trade such The description of the 2023 International Business strategy is
as trade asset participation, LC/SKBDN refinancing, bank to bank explained as follows:
forfaiting, bankers acceptance, bank loans, as well as the issuance 1. Cross Border Payment Business Strategy
of bank guarantees on the basis of counter guarantees from Sustaining a Robust Presence in Inbound Cross Border Payment
correspondent banks and LC/SKBDN. Business and Optimizing Outbound Performance through:
a. Integration of system networks from Global Money
The next contributor to International Business income came from Transfer Operator (MTO) companies to expand service
cross border payment business with a total transaction volume improvements.
of IDR2,425 trillion or growth of 20.49%. The achievement of b. Channel expansion of outbound/international transfer
cross border payment business was driven by 2 (two) main sectors services via the SuperApps digital application platform
contributing to business growth. First, along with the improving to expand market penetration in the retail segment.
economy, this has also resulted in an increase in the volume c. Bank Representative (BR) as a catalyst for Indonesian
of export-import transactions at BRI. Second, the increase in related businesses to use BRI services.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 239
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2. Banknotes Business Strategy International Business Competitive Advantage and Innovation
a. Digitalization of Money Changer Transactions The description of competitive advantage and International Business
In order to support the Government’s cashless program, Innovation is explained as follows:
BRI facilitates the purchase of banknotes at money 1. Cross Border Payment Business
changer outlets/BRI work units that can use QRIS so a. Competitive Advantage
that customers do not need to prepare rupiah in cash for - Having Bank Representatives and subsidiaries in the
purchasing banknotes transactions. main destination countries for placement of Indonesian
b. Acquisition of Hajj and Umrah Travel Migrant Workers (Malaysia, Singapore, Brunei, Hong-
Acquiring Hajj and Umrah travel to expand the banknotes Kong, Taiwan, South Korea, Japan, UAE, Kuwait and
retail market to prospective pilgrims who need SAR Saudi Arabia) in order to facilitate the need for superior
banknotes. financial and banking services .
3. Correspondent Banking Business Strategy - Having 100 collaborating counterpart companies
a. Increasing Correspondent Banking Business transactions spread throughout the world, making it easier to access
through on-boarding correspondent banks and existing for customers who require cross-border transfer services
correspondent banks while considering the management b. Innovation
of product concentration portfolios and risk levels. - Multiple channel for international outward/transfer
b. Performing risk measurements in each correspondent transaction services via the BRImo SuperApps digital
banking business activity while considering market application platform which makes it easy for customers
conditions, soundness levels, bank ratings and to make transactions anywhere and anytime via
fluctuations in benchmark interest rates in order to smartphone
optimize revenue for BRI. - Inward cash withdrawal transaction services at BRILink
c. Increasing the capacity of RM Correspondent Banking Agents.
through collaboration with BRI Corporate University in - Inward application in collaboration with BRI
the form of organizing education and product specialist counterparts.
certification. 2. Banknotes Business
4. Overseas Channel Management and Development Strategy a. Competitive Advantage
a. Serving as business intermediaries for BRI Head Office, - Has a competitive transaction rate
BRI Group and other Overseas Work Units. - The business banknotes network is spread throughout
b. Increasing international business and treasury business Indonesia and can be served in all BRI work units
transactions and making BRI New York Agency a USD including Branch Offices, KCPs, Cash Offices and BRI
clearing service provider in the South East Asia region. Units.
c. Making BRI Singapore Branch a Financial and Trade Hub - Being able to serves 22 Currencies, namely USD, EUR,
in South East Asia by improving trade finance services, AUD, JPY, SGD, GBP, SAR, THB, HKD, CNY, NZD, AED,
corporate lending/syndication and treasury products. MYR, BND, CHF, KRW, PGK, CAD, TWD, PHP, INR and
d. Digitalizing banking services to increase customer VND.
transactions to support the realization of BRI Taipei b. Innovation
Branch as a Payment Gateway for the East Asia Market. - In the context of market penetration and mitigating
e. Supporting the activities and promotion of Indonesian exchange rate movements, banknote transactions
MSMEs abroad. with bank customers can be carried out using the
f. Implementing the follow customer business concept as same currency payment mechanism. Transactions are
an effort to increase BRI’s overseas business. subject to provisions for transactions in accordance with
5. Bank Line Management Strategy applicable tariff provisions.
a. Development of the Bank Line Analysis System (BLAST) - Cashless in money changer transactions with alternative
application to accelerate bank line initiatives and payment methods via QRIS so that customers do not
decisions. need to prepare cash when purchasing banknotes at
b. Optimal support in providing bank lines that support money changer outlets/BRI work units.
International Business and Treasury needs while 3. Correspondent Banking Business
maintaining credit quality. a. Competitive Advantage
c. Banking industry updates for countries that have high Having an extensive correspondence network in various
exposure or risk. banks around the world with a total correspondence network
d. Initiating bank line Customer Profitability Analysis (CPA) of 1,200 banks worldwide
calculations. b. Innovation
- Implementation of varied and complete correspondent
banking products to serve the liquidity needs of domestic
and foreign banks in Indonesia.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
on Bank Performance
- Fast and precise service (same day service) is available in - Expanding the network with global counterpart
issuing bank guarantees for counter guarantees issued companies which can encourage an increase in
by correspondent banks. inward and outward transactions.
4. Overseas Channel Management and Development - Addition of retail-based customers for outward/
a. Competitive Advantage international transfer transactions via the BRImo
- Availability of financing sources as well as various SuperApps digital application platform.
products and services according to customer needs, - Increased transactions via SWIFT MT101 and
including export-import business actors in Indonesia and MT940 services by non-bank multinational company
trading partner countries. customers who have business networks in Indonesia.
- Have access to banking services in the US to optimize - Increased BRIFast Cash inward transactions (cash
yield and provide USD Clearing Services to the Bank. disbursement) by walk-in customers.
- Availability of digital services for retail and wholesale b. Business Strategy
customers abroad that are reliable because they are - Increasing inward business and strong penetration
supported by good IT management. for outward business. - Integration of the Global
- Provide access to MSME players to develop their business Money Transfer Operator (MTO) company system
to international markets. network to expand service improvements.
- Become a business catalyst for other business segments - Outbound/international transfer services via the
by conducting referral business. SuperApps digital application platform to expand
- Have good business relationships with bank and non- market penetration in the retail segment.
bank agencies in each country. - Network expansion to new country corridors that
b. Innovation have inward potential by PMI.
- Develop new products and services that suit the needs of - Expansion of remittance services for customers
overseas channel customers. through inward/outward features aimed at e-wallet,
- Carry out innovation in the form of digitizing banking BRILink Agent, and digital savings.
products and services across overseas channels. 2. Banknotes Business
- Collaborate with agencies to improve business matching, a. Business Prospect
business referrals and other collaborations. Along with the opening of the doors to international
5. Bank Line Management tourism as well as Hajj and Umrah, the business prospects
a. Competitive Advantage for banknotes got bigger. Currently, the diversification of
The Bank Line initiative function was separate from the the banknotes business segment into the retail segment
marketing function so that it could be more focused on is growing in line with the large number of tourists
managing Bank Line to improve service to customers. traveling abroad and the influx of foreign tourists from
b. Innovation various countries.
Efficiency of business processes through automation of bank b. Business Strategy
line initiatives, digitalization of customer profitability analysis - Digitalization of money changer transactions
(CPA) calculations, and enhanced bank line dashboards for through QRIS to make it easier for retail customers
managing bank risks. who want to purchase banknotes without carrying
cash.
Business Prospect and Strategy for International Business in - Collaboration with Hajj and Umrah Tour and Travel
2024 to serve the SAR needs of prospective pilgrims.
BRI’s International Business Division continues to strive to increase 3. Correspondent Banking Business
productivity in the midst of uncertain global conditions and maintain a. Business Prospect
service quality to meet customers’ dynamic business needs. BRI’s In line with government policy to increase economic
International Business Division is also committed to increasing the activity and encourage development through strategic
Company’s revenue contribution by increasing transaction volume government projects which require the role of banks in
in both correspondent banking business, cross border payments and issuing bank guarantees over counter guarantees from
banknotes business. To achieve this, BRI International Business in correspondent banks.
2024 has the following strategy: b. Business Strategy
1. Cross Border Payment Business - Contributing actively to the government’s
a. Business Prospect strategic projects in providing services for
- - PMI’s inward business is starting to recover after issuing Bank Guarantees on Counter Guarantees
the Covid-19 pandemic, marked by an increase in the from Correspondent Banks and carry out active
number of Indonesian Migrant Workers departing. collaboration with BRI regional offices and BRI
overseas channels in order to increase business
referrals for bank guarantees on counter guarantees.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 241
Page 244
- Optimization of yield enhancement for correspondent - Expansion of the Overseas Channel network in
banking business transactions that generate interest Timor-Leste
income. Expansion of the overseas channel network in Timor-
- Actively coordinates with the Treasury Business Leste through the opening of new sub-branches.
Division and BRI’s Asset and Liabilities Management - Increase business referrals from Overseas Channels
Desk regarding liquidity and interest rate volatility. Increase business referrals from overseas channels
4. Overseas Channel Management and Development by becoming a business catalyst for other business
a. Business Strategy segments.
- Sharpen Overseas Channel Strategy 5. Bank Line Management
Optimizing assets and liabilities in overseas channels a. Business Strategy
as a source of new growth engine for BRI. - Enhancement of the Bank Line Analysis System
- Preparation of studies/feasibility studies for overseas (BLAST) application to speed up bank line initiatives
channel development and decisions.
Preparing studies to determine new areas with - Digitalization of Customer Profitability Analysis (CPA)
business potential for developing BRI’s overseas for bank lines to speed up the process and increase
channels abroad. calculation accuracy.
- BRI Head Office Worker Internship Program to - Optimal support in providing bank lines that support
Overseas Channel International and Treasury business needs while
Development program for BRI employees in order to maintaining loan quality.
increase BRI’s human capital capabilities and help - Banking Industry update for countries with high
overseas channels to develop business activities abroad. exposure or risk
- Digitalization of Overseas Channel services
Development of digital banking services to
increase the comfort and convenience of customer
transactions abroad.
CAPITAL MARKET SUPPORTING BUSINESS
Capital Market Supporting Business (Investment Services Business) One concrete form of this is the SIMPEDES BISA product which
focuses on developing investment support service for two business we provide for micro customers. In SIMPEDES BISA there are
ecosystems: Human Resources Ecosystem of customers and Financial Institution Pension Funds BRI features and products
Support Ecosystem of Capital Market Investment. In the Human as investment products.
Resources Ecosystem, Financial Institution Pension Funds through
BRIFINE (BRI Future Investment) products assists the corporate Financial Institution Pension Funds BRI is a Financial Institution
and individual customers to prepare their wealth for retirement. Pension Funds with the most complete product in the industry,
In the supporting ecosystem of capital market investment, BRI up to now DPLK can manage the Defined Contribution Pension
offers several excellent services, namely Custodian Bank Service, Program (PPIP) which can be participated in individually
Trustee Services and Wali Aamanat, as well as Paying Banks and or corporately or in collaboration, the Post-Employment
Administrator Bank of Customer Fund Account (RDN). Compensation Fund Management Program (PPDKP) which can
be used as an alternative funding for Severance Fund reserves /
The products and services offered by the Capital Market Supporting Post-Employment Funds for Companies. Health Compensation
Business include the following: Fund Management Program (PPDSK) as a Health Fund reserve
1. Financial Institution Pension Funds BRI for the Company. Apart from that, BRI DPLK has complete
Financial Institution Pension Funds BRI became an organization and varied investment options that participants can choose
under the auspices of its founder, in this case PT. Bank Rakyat from, including BRIFINE Pasar Uang (Money Market), BRIFINE
Indonesia (Persero) Tbk, with the BRI Directors acting as the Pendapatan Tetap (Fixed Income), BRIFINE BRI Saham (Equity),,
Financial Institution Pension Funds BRI Management and BRIFINE BRI Pasar Uang Syariah (Sharia Money Market), BRIFINE
the BRI Board of Commissioners as the Financial Institution BRI Berimbang Syariah (Balanced Sharia). For conventional
Pension Funds BRI Supervisory Board. Financial Institution investment package options, Financial Institution Pension
Pension Funds BRI began operating on January 9, 2006 and Funds BRI also has a Combination feature where participants
has managed Participant funds for approximately 18 years can determine their own desired combination according to each
with assets as of December 2024 of IDR23.59 trillion. Financial participant’s risk profile.
Institution Pension Funds BRI not only optimizes marketing in
the corporate sector but also plays a role in increasing the level 2. Wali Amanat (Trustee) Service
of literacy and inclusion of pension funds in Indonesia through a BRI obtained permission to act as Trustee by being registered
series of marketing and outreach activities to micro customers. with BAPEPAM (now the Otoritas Jasa Keuangan) No.08/ STTD-
PT Bank Rakyat Indonesia (Persero) Tbk.
242 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
WA/PM/1996 dated June 11, 1996. BRI is highly experienced in Meeting of Bond Holders in connection to the securities they
the trust business and is trusted by various Indonesian State- own. The benefits that the service offers to customers are:
Owned Enterprises (SOE), banks and other corporations to issue a. Customization, services that can be tailored to customer
obligation and Medium-Term Notes (MTN). BRI understands needs, including reports that can be aligned with needs.
its duties as Trust provider to represent and protecting the b. One Stop Service, BRI provides a one-stop integrated service
interests of bond or MTN holders in accordance with provisions through relationship officers that provides convenience for
in the Trust agreement. the customers.
c. Reliable, supported by reliable Information Technology
3. Trustee Service system and team experienced in accounting, tax and
BRI is the first bank in Indonesia to obtained Principal Approval reporting settlement, and compliance.
(BI Letter No.15/19/DPB1/PB1-3) and Confirmation Letter (BI d. Experienced, BRI is experienced in managing various types
Letter No.15/30/DPB1/PB1-3) from Bank Indonesia to carry out of securities, mutual funds, unit links, fund management
Trustee Services in March 2013. Services provided by BRI Trust contracts, asset backed securities and private placements.
include payment agent, investment agent and borrowing agent. e. Global Network, BRI is connected with the International
network of Central Securities Depository Euro clear for
4. Custodian Service global securities transactions
BRI has been performing its business as Custodian Bank since f. Competitives Fees, custodial fees services that are tailored
1996 and has become the fifth largest Custodian Bank in to service complexity
Indonesia. The services of BRI Custodian include care securities g. Extensive Network, BRI Custodians collaborate with trusted
and administration service. BRI Custodians also represent MI and with all BRI network in domestic and abroad to find
customers in the General Meeting of Shareholders and General the solutions for customers’ investment.
Table of Capital Market Supporting Services Business Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Fee Based Income 322,624 286,614 36,010 12.56%
Custodian Management Assets 1,288,847,232 555,527,157 733,320,075 132.00%
DPLK Management Assets 23,594,974 20,038,653 3,556,321 17.75%
Fee based income from the capital market support services business in 2023 reached IDR322.62 billion, an increase of 12.56% compared
to 2022 which reached IDR286.61 billion. This increase was due to the addition of customers/clients with a collaboration strategy with
the BRI Division and digital transformation.
Capital Market Supporting Services Business Strategy in 2023 market investment support ecosystem, BRI has several superior
In 2023, the Capital Market Support Services Business focused services, namely custodian bank services, trustees and trustees,
on increasing digitalization and the quality of business processes as well as paying banks and RDN administrator banks.
through application development and international standard
certification so that it could provide operational excellence for Business Prospect and Strategy for Capital Market Supporting
customers, Services Business in 2024
In the midst of uncertain economic conditions in 2024 due to the
Capital Market Supporting Services Business Competitive risk of a global recession, high inflation pressures and geopolitical
Advantage and Innovation conflicts. BRI continues to strive to improve the performance of the
The Capital Market Support Services Business focuses on Capital Market Support Services Business by focusing on business
developing investment support services in two business process transformation initiatives, creating new sources of growth
ecosystems, namely the human resources ecosystem for and new business models so that it continues to contribute to
customers and the capital market investment support ecosystem. BRI’s performance while paying attention to governance and risk
In the human resources ecosystem, the Financial Institution management. Increasing synergy both with other businesses at
Pension Fund through the BRIFINE (BRI Future Investment) BRI and with subsidiaries is also one of the focuses in optimizing
product helps both corporate and individual customers to products, services and income potential.
prepare for prosperity in the retirement period. In the capital
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 243
Page 246
Subsidiary
The business segments of subsidiaries includes both conventional PT BRI Danareksa Sekuritas (formerly PT Danareksa Sekuritas),
and Islamic financial services, remittance services, life insurance, PT BRI Ventura Investama, PT BRI Asuransi Indonesia (formerly
general insurance, venture capital, and securities. BRI has 10 PT Asuransi Bringin Sejahtera Artamakmur), PT Pegadaian,
(ten) subsidiaries, namely; PT Bank Raya Indonesia Tbk (formerly PT Permodalan Nasional Madani, and PT BRI Investment
PT Bank Rakyat Indonesia Agroniaga Tbk), BRI Global Financial Management (formerly PT Danareksa Investment Management).
Services Ltd. (formerly BRI Remittance Co. Limited Hong Description The performance of BRI’s subsidiaries is presented
Kong), PT Asuransi BRI Life, PT BRI Multifinance Indonesia, as follows.
PT BANK RAYA INDONESIA TBK (Bank Raya)
According to the Minutes of the Extraordinary General Meeting paragraph (1) to change the name of the Company, originally
of Shareholders of PT Bank Rakyat Indonesia Agroniaga Tbk No. named “PT Bank Rakyat Indonesia Agroniaga Tbk” with the
23 dated September 27, 2021 had been given approval for the commercial name BRI AGRO, to be named “PT Bank Raya
amendment of the Company’s Articles of Association Article 1 Indonesia Tbk” with the commercial name of Bank RAYA.
Table of PT Bank Raya Indonesia Tbk Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Total Asset 12,492,372 13,494,884 (1,002,512) (7.43%)
Total Loan 6,893,331 7,766,644 (873,313) (11.24%)
- OS Digital Loan 1,261,387 917,893 343,494 37.42%
- Digital Loan Distribution 10,827,192 5,662,256 5,164,936 91.22%
Total Third Party Fund 8,186,875 9,817,090 (1,630,215) (16.61%)
- Digital Fund Volume 1,200,367 616,066 584,301 94.84%
In 2021, Bank Raya began its transformation into a digital bank by to IDR5.66 trillion to IDR10.83 trillion or growing by 91.22%. The
providing digital product services that had the characteristics of volume of digital funds managed to increase from December
a small ticket size (smaller), short term (shorter) and fast digital- 2022 by IDR616.07 billion to IDR1.20 trillion in December 2023 or
based services (faster). This transformation aimed to optimally grew by 94.84%, with the composition of total deposits increasing
capture business opportunities in the MSME segment in Indonesia, from December 2022 by 6.28% to 14.66 % in December 2023.
primarily by focusing on providing digital banking services to the
micro and small segments. With the transformation process that The growth of digital loans and digital funds shows that Bank
focused on digital business development, this resulted in changes Raya’s transformation into a digital bank has gone well and has
to the structure of Bank Raya’s asset and liability portfolio, had a positive impact on the structure of Bank Raya’s business
namely the composition of digital-based assets and liabilities was portfolio. However, the transformation process which focused
increasing compared to the non-digital portfolio. on digital business development had brought changes to Bank
Raya’s total business portfolio. It was recorded that Bank Raya’s
In 2023, Bank Raya’s digital product performance continued total assets decreased from December 2022 by IDR13.49 trillion
to show improvement. Bank Raya’s digital loan consistently to IDR12.49 trillion in December 2023 or a decrease of 7.43%.
continued to increase from December 2022 amounting to This decrease was driven by a decrease in non-digital loans so that
IDR917.89 billion to IDR1.26 trillion in December 2023 or growing total loans from December 2022 was IDR7.77 trillion. to IDR6.89
by 37.42%, so that the composition of total loan also increased trillion in December 2023 or a decrease of 11.24%, while total
from December 2022 by 11.82% to 18.30% in December 2023. deposits adjust to a decrease in total credit from December 2022
Even if it was seen at the nominal digital loan distribution, it also of IDR9.82 trillion to IDR8.19 trillion or a decrease of 16.61%.
experienced significant growth, from December 2022 amounting
PT Bank Rakyat Indonesia (Persero) Tbk.
244 2023 Annual Report
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Management Discussion and Analysis
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PT Bank Raya Indonesia Tbk Strategy in 2023 4. Increasing technological and information capabilities to support
The Bank’s policy direction to achieve “The Best Digital Bank solid business growth, including through the development of
by Becoming House of Fintech and Home for Gig Economy” is big data technology, the development of a Fraud Detection
pursued by: System (FDS), the development of a credit scoring engine with
1. Increase the growth of digital lending and digital saving automated machine learning, reliable IT-based services and ISO
(trajectory growth: fast exponential). The digital lending 27001 Certification certification. , IT services with features and
acquisition method is based on ecosystem partnerships security in the form of two factor authentication, transaction
(B2B2C), while digital saving is based on ecosystem notification, biometric authentication, and limit monitoring, as
partnerships (B2B2C) and end-user acquisition (B2C). well as developing customer complaint handling through the
2. Milestones for all digital products end-to-end, leading to fully Sapa Raya Application.
digital services.
3. Continuously develop products and features, so that they can Business Prospect and Strategy for PT Bank Raya Indonesia
meet community needs and be on par with local and global Tbk in 2024
digital banks. 1. Business Prospect
4. Activate all customers, so as to increase Customer Lifetime a. The dominant population of productive age is aged
Value (CLTV). 15 - 64 years, amounting to 190.98 million people
5. Continuing the revamp process in terms of business portfolio or 69.25% of Indonesia’s total population of 275.77
(loans and savings), work units (open, close, repurposed, million people. With a large number of productive age
relocated), people (re-train and re-skill), and corporate members in Indonesia’s population, it is hoped that
culture. The implementation of the revamp process is carried this will increase the level of demand for financial
out while considering the balance of the bank’s financial products and services (financial management, loans,
performance. investments, etc.) including digital banking.
6. The customer acquisition process is carried out through two b. Internet access is increasingly widespread throughout
methods, namely Online to Offline (O2O) via and ecosystem Indonesia, currently internet users have reached 212.9
partnership using API. In terms of composition, the million of the total population of Indonesia and can be
community branch acquisition process will mostly be carried a driver for digital economic growth.
out through the ecosystem partnership method by the head c. The number of Indonesian smartphone users is 355
office, because the company will scale up business based on million, or around 129% of the total Indonesian
ecosystem partnerships. population, so this can open up wide opportunities for
7. Increasing employee engagement through corporate culture the expansion of application-based digital products
transformation, so as to reduce employee turnover outside of with the main device, namely smartphones.
employees affected by the work unit revamp process. d. The number of unbanked people or people who do not
8. Increase the bank’s digital capacity and capabilities, primarily have a bank account is 97.74 million people or 48% of
through improvements in the aspects of information the adult population of Indonesia, thus opening up a
technology, data, talent and organization. big opportunity for Digital Banks to be able to increase
financial inclusion through digital banking technology
PT Bank Raya Indonesia Tbk Competitive Advantage and Innovation that can reach a wider community without physical
In seeking to achieve its business targets, Bank Raya has several work units.
main strength factors so that it is able to compete in the Indonesian 2. Strategy
banking industry, namely: In accordance with the bank’s milestones, Bank Raya’s
1. Digital bank with a strong O2O network throughout Indonesia strategy in 2024 is to focus on strengthening business
with BRI Group synergy fundamentals and focus on improving the quality of assets
2. Digital saving products with various features and conveniences and savings, through optimizing the BRI Group’s internal
according to people’s needs, as well as digital lending products business ecosystem. Several strategic steps that will be
that can meet various customer needs, both to meet consumer taken during the strengthening period are as follows:
needs, bailout funds for productive businesses, invoice/vendor a. Strengthening the value proposition of digital saving
financing, as well as supply chain financing for the micro and products through developing:
small.. - Raya for business for managing funds, transactions
3. Bank Raya is part of the BRI Group, so it can optimize the and payroll for business actors
business potential of the BRI Group in the MSME Segment, - Raya for youth for managing funds and transactions
including for the loan segment through collaboration with the for the younger generation
BRILink Agent ecosystem, workers from companies with payroll - Raya for community for managing community
at BRI, supply chains from BRI Group businesses, as well as for funds and transactions
segments savings through Raya collaboration and the BRImo - Virtual cards
application, cash in cash out transactions via BRI e-channel and - Financial wealth management through
BRILink Agent. development of investment features and Financial
Institution Pension Funds.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 245
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b. Strengthening the Value Proposition of digital f. Carrying out embedded finance development.
lending products through Digital Lending product g. Integrating technology and business through
enhancements, including: developing fraud detection for all digital products.
- Integration of digital lending products with h. Enhancing the loan scoring engine by utilizing machine
partners, especially digital platform providers. learning for digital lending products.
- Expanding the structure of digital lending products i. Enhancing and developing the bank’s technological
according to customer needs. infrastructure.
c. Implementation of hybrid collection by combining j. Improving the governance process through the
technology and humans. preparation and evaluation of supporting policies,
d. Continuing the development and marketing of Raya including market conduct, feasibility of partnerships,
Open API, Acquiring QRIS. and other policies.
e. Carrying out the development of Laku Pandai services k. Strengthening the function of the second line of defense
to increase financial inclusion. and increasing the risk awareness culture through the
implementation of the risk culture framework.
BRI GLOBAL FINANCIAL SERVICE COMPANY LIMITED
The GMS of BRI Remittance Company Limited on November Registry Hong Kong on October 30, 2023. The long time lag
14, 2019 has approved the change in the name of the Company between the shareholder decision and the implementation of
from “BRI Remittance Company Limited” with the commercial the decision was due to protests and demonstrations related to
name BRI Remittance, to “BRI Global Financial Services Company the extradition and national security law in 2019 as well as the
Limited” with the commercial name BRI Global Finance. This pandemic and the Hong Kong Government’s lockdown policy in
change in company name is as stated in Certificate of Change 2020 - 2022 which caused some Hong Kong Government and
Name No. 961091 with No. Ref. 40021194025 by Company authority services to take longer than standard SLAs.
Table of BRI Global Financial Services Co Ltd Hong Kong Performance (Productivity)
Growth
Description 2023 2022
(Nominal) (%)
Asset (in HKD) 12,296,119 9,006,320 3,289,799 36.53%
Asset (in IDR billion) 24,23 17,98 6,25 34.76%
Total Transaction 463,063 295,686 167,377 56.61%
Nominal Transaction Amount (HKD) 1,256,912,406 766,974,922 489,937,484 63.88%
Notes: 1 HKD exchange rate as of 31 December 2023 = IDR1,970.725
Aset BRI Global Financial Services Co Ltd Hong Kong tahun 2023 the success of the company’s transformation in accordance with
BRI Global Financial Services Co Ltd Hong Kong assets in 2023 the BRIvolution 2.0 blueprint with the transformation objects,
amounted to IDR24.23 billion, an increase of 34.76% compared namely the business model and digitalization. In the business
to 2022 of IDR17.98 billion. This increase was a contribution model transformation, BRI Global Financial Services Co Ltd Hong
from increased profits which were fully retained, resulting in Kong succeeded in growing a new source growth engine by serving
an increase in assets. Apart from that, the increase in assets in foreign exchange remittance company transactions in Hong Kong
2023 was also influenced by the recording of right-of-use assets and outside Hong Kong such as Taiwan, South Korea, Japan,
from premises leased by BRI Global Financial Services Co Ltd in Malaysia, Brunei Darussalam and the UAE. Apart from that, the
accordance with the provisions of HKFRS16 (PSAK 73) which had company also obtained a money lender license, so that currently
a significant impact on the overall increase in assets. BRI Global Financial Services Co Ltd Hong Kong could serve loan
and trade finance businesses. Meanwhile, for the digital aspect,
BRI Global Financial Services Co Ltd Hong Kong’s revenue in BRI Global Financial Services Co Ltd Hong Kong digitaliized
2023 was IDR20.42 billion, an increase of 43.60% compared to business processes by providing a digital portal (webbapp) and
2022 of IDR14.22 billion. This increase in revenue was proof of the RemitGo! to customers. Digitization of business processes
PT Bank Rakyat Indonesia (Persero) Tbk.
246 2023 Annual Report
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Management Discussion and Analysis
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through digital portals and applications further increased the send money to Indonesia in real time online to their and their
frequency and smoothes the flow of transactions, increased families’ BRI Bank accounts in Indonesia. With the support
transaction capacity, increased the level of user experience and of systems and services that are integrated with the Parent
service quality, which had an impact on increasing BRI Global Company (BRI), BRI Global Financial Services can provide
Financial Services Co Ltd Hong Kong’s income. additional services to Indonesian Migrant Workers such as
balance checking services, printing account books, printing
BRI Global Financial Services Co Ltd Hong Kong’s net profit bank statements, and other services to PMIs in Hong Kong.
in 2023 reached IDR4.24 billion, an increase of 52.36% from Apart from that, the exchange rate at BRI Global Financial
2022 of IDR2.75 billion. This increase was supported by Services is one of the best rates (HKD/IDR) in Hong Kong. BRI
increasing income in 2023. Apart from that, the new source Global Financial Services wants to provide the best service
engine growth for loan products also had a trickle down impact and be a one stop solution for Indonesian Migrant Workers in
on other products, thereby increasing revenue significantly. Hong Kong. The company continues to strive to innovate to
Digitalization also had an impact on the efficiency of business improve services, such as the remitGo! to provide convenience
processes, so that BRI Global Financial Services Co Ltd Hong in carrying out transactions anywhere and anytime. Apart
Kong was able to maintain operational expenses and BOPO from that, by having obtained a money lender license from
levels throughout 2023. the Hong Kong authorities, BRI Global Financial Services can
also provide loan services to individual customers, especially
Strategi BRI Global Financial Services Co Ltd Hong Kong to Indonesian Migrant Workers who need emergency funds,
Tahun 2023 both in Hong Kong and for remittance purposes to his family
Some of the strategies that have been implemented by BRI in Indonesia. For non-individual customers, currently the
Global Financial Services Co Ltd Hong Kong in 2023 are as Company can provide financing for Indonesian-related Small
follows: and Medium Enterprise (SME) business actors in Hong Kong.
1. Obtaining a money lender license from the Hong Kong The combination of the company’s existing business (money
authorities, as an effort to develop business (new source transfers or remittances) from Hong Kong to Indonesia and the
engine growth) in the form of lending services for loan business with the target market of existing remittance
individuals with a target market of Indonesian Migrant customers, provides its own unique competitive advantage.
Workers, providing short term financing services to
remittance companies that need funds during banking Business Prospect and Strategy for BRI Global Financial
holidays , as well as providing trade financing (invoice Services Co Ltd Hong Kong in 2024
financing) services to Indonesian related Small Medium Some economists projected a slowdown in economic growth of
Enterprises (SME) importers in Hong Kong. 2.7% - 2.9%. The side effects of the Covid-19 pandemic during
2. Diversifying sources of income by becoming a forex 2020-2022, as well as Hong Kong’s very conservative policy
dealing solution provider for BRI Global Financial Services regarding changing the status of the pandemic to endemic,
counterparts and BRI counterparts. which was only decided in the middle of 2023, resulted in
3. Collaborating with counterparts for new corridors such as the uncertainty of conditions at that time which also had
Japan, Macau, Taiwan, Korea and the Philippines. an impact on labor demand in Hong Kong. Indirectly, these
4. The change in the company name from BRI Remittance conditions affect Indonesian Migrant Workers demand in Hong
Company Ltd to BRI Global Financial Services Co Ltd Kong. Taking into account these conditions, as an effort to
is a form of corporate strategy for transformation optimize and diversify the market and business, in 2024 BRI
by developing a business model in accordance with Global Financial Services will focus on working on the existing
shareholder aspirations in the BRIvolution 2.0 blueprint. market with two superior products, namely remittances and
new source engine growth in the form of loan services through
BRI Global Financial Services Co Ltd Hong Kong Competitive the BRI Global Financial Services digital channel. Upgrading
Advantage and Innovation features and security levels on digital channels (applications)
BRI Global Financial Services with its remittance products has is one of the strategic initiatives in 2024. With this upgrade, it
been the choice of Indonesian Migrant Workers in Hong Kong is hoped that BRI Global Financial Services can capture more
for years to send money to their families in Indonesia. Being market potential in Hong Kong, as well as increase market
part of the BRI Group is a competitive advantage for BRI Global penetration and market share in Hong Kong. The growth
Financial Services, BRI Global Financial Services customers are of the new customer base and new features that are more
also savings customers of BRI Bank. BRI Bank’s network that user friendly and can meet customer needs are expected to
reaches all corners of Indonesia makes BRI Global Financial generate greater revenue for BRI Global Financial Service Co
Services the main choice for Indonesian Migrant Workers to Ltd from the cross border money transfer and loan business.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 247
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PT ASURANSI BRI LIFE (BRI LIFE)
On October 6, 2015, BRI signed a sale and purchase agreement BRI Life issues 255,549 shares and as part of FWD Management
with the shareholders of PT Asuransi BRI Life (formerly PT Holdings Limited’s commitment to support BRI Life’s progress
Asuransi Jiwa Bringin Jiwa Sejahtera) to acquire a 91.001% in a manner agreed upon by the Shareholders. The new shares
interest in BRI Life. The entire series of acquisition activities was were taken up entirely by FWD Management Holdings Limited. To
completed on December 29, 2015 in accordance with Deed No. take part in the new shares, FWD Management Holdings Limited
41 of Notary Fathiah Helmi, S.H. so that BR owns 91.001% of BRI has deposited IDR770 billion to BRI Life. The issuance of these
Life shares and the remaining 8.999% is owned by the BRI YKP shares changed the composition of shareholder ownership to BRI
BRI Employee Welfare Foundation). Furthermore, on February 59.02%, FWD Management Holdings Limited 35.14% and YKP
23, 2017, PT Asuransi Jiwa Bringin Jiwa Sejahtera changed its BRI 5.84%. The change in share ownership has received approval
name to PT Asuransi BRI Life (BRI Life). On March 2, 2021, BRI from the Otoritas Jasa Keuangan (OJK) through letter Number
Life officially had a new shareholder, namely FWD Financial 31/NB.11/2022 dated February 28, 2022.
Services Pte Ltd which has added capital to BRI Life of 936,458
shares through the issuance of new shares. Thus, after the In 2023, BRI Life experienced another change in
transaction, BRI Life’s shareholder structure was that BRI owned shareholder composition. BRI Life added paid-in capital of
2,002,022 shares with 63.83% ownership. Then, the ownership IDR26,358,000,000 from the previous IDR339,200,700,000 to
of FWD was 29.86% with 936,458 shares, and the BRI Employee IDR365,558,700,000 which was taken up by FWD Management
Welfare Foundation was 6.31% of 197,978 shares. This change Holdings Limited. The plan to change ownership of PT
in shareholder structure previously obtained OJK approval Asuransi BRI Life has received approval from the Otoritas
through letter no. S-12/NB.1/2021 dated February 4, 2021. On Jasa Keuangan through letter Number S-15/NB.02/2023
October 13, 2021 the Shareholders approved the transfer of dated February 26, 2023. The issuance of shares changes the
ownership of shares owned by FWD Financial Services Pte. Ltd. composition of shareholder ownership to BRI 54.77%, FWD
to FWD Management Holdings Limited, so that the structure Management Holdings Limited 39.82% and YKP BRI 5.42%.
of BRI Life Shareholders became: BRI 63.83%, YKP BRI 6.31%, BRI Life’s head office was located at Graha Irama Building,
and FWD Management Holding Limited 29.86%. The change in 15th floor, Jl H.R Rasuna Said Blok X-1 No 1 and 2, Jakarta,
Shareholder Structure previously obtained OJK approval through BRI Life also had 6 Customer Care Center Offices, 20 Service
letter No.S.93/NB.1/2021 datedSeptember 29, 2021. In 2022, Center and 1 Customer Care Offices (BRILiaN Tower).
Table of PT Asuransi BRI Life Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Asset 23,678,043 21,627,641 2,050,402 9.48%
Equity 9,201,975 7,866,323 1,335,652 16.98%
Premium Income 7,703,537 8,185,446 (481,910) (5.89%)
The additional capital by FWD in 2023 amounting to IDR770 BFA productivity. Throughout 2023, BFA productivity is
billion had an impact on increasing BRI Life’s assets and equity. relatively low, which is reflected in the level of closing
At the end of 2023, BRI Life’s equity grew 16.98% to IDR9.20 ratio and data leads which tends to decrease compared
trillion. Apart from that, BRI Life’s assets reached IDR23.68 to the previous period even though the number of BFA
trillion or grew 9.48%. BRI Life’s Gross Premium decreased in has increased. This strategic initiative was piloted at the
line with the success of shifting products from unit linked to end of 2023 with the aim of increasing lead data which is
traditional carried out by BRI Life and the implementation of the fuel for BFA to carry out production so that it is more
increasingly appropriate market conduct so that the premiums centralized and systematic from data sources at head
produced were quality premiums and provided a sustainable office to BFA’s hands.
contribution to BRI Life. 2. Improve business processes in selling insurance products
so that the products sold are in line with customer needs.
PT Asuransi BRI Life Strategy In 2023 This is done by determining product segmentation that
Some of BRI Life’s main strategies that have been implemented is in accordance with existing customer segmentation.
in 2023 in order to achieve the targets approved by the As one way to increase the persistence ratio, BRI Life
Shareholders, among others: is releasing new products that suit customer needs by
1. The BRI Centralized Distribution Referral System is a paying in advance. Apart from that, there has also been an
strategic initiative taken by BRI Life in order to increase increase in the frequency of billing for continued premium
PT Bank Rakyat Indonesia (Persero) Tbk.
248 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
payments. Alignment of products and payment methods this, BRI Life is determined to optimize BRI Life’s five
according to customer capabilities is the key so that marketing channels by 2024 by improving the customer
profitability continues to grow and the persistence ratio journey and increasing sales of digital insurance products.
can increase. BRI Life is also carrying out resegmentation to increase
the proportion of sales in priority segments, increase
PT Asuransi BRI Life Competitive Advantage and Innovation business penetration in potential segments such as micro
BRI Life is committed to providing excellent service to and ultra-micro, and strengthen the foundation of the
customers. One of the strategies implemented in 2023 telemarketing business.
is developing services for customers, especially health 2. Improving Excellent Service to Customers
services through launching a contact center for third-party BRI Life continues to be committed to realizing its goal of
administrators (TPA) as part of BRI Life’s plan to form its own becoming “The 1st Service Excellent” through efficiency
TPA so that claim settlement can run more effectively and and effectiveness of business processes and creating
efficiently . BRI Life also launched new products that adapt products that suit customer needs. The efficiency and
to customer needs in each existing customer segmentation. In effectiveness of these business processes starts with
order to improve business processes, BRI Life has developed digitalization of business processes from upstream to
the claims process and digital form so that the Claim SLA downstream, starting from the underwriting process to the
decreases from 12 - 14 working days to 5 - 8 working days. claims process. This digitalization is accompanied by the
The customer profile feature was also developed to ensure implementation of good corporate governance.
the confidentiality of customer data by referring to personal 3. Technology Support
data protection regulations. In terms of the product marketing Strengthening technological support in product development
process, BRI Life innovates to increase the productivity of and dynamic, agile and resilient business operations is the
marketers with the BRI Centralized Distribution Referral key for BRI Life to face future business challenges. These
System program which integrates the systems at BRI Life keys start from modernizing application architecture,
with BRI to provide leads data as fuel for well-systemized transforming IT infrastructure, strengthening cyber security,
marketers. In order to realize a sustainable business, BRI Life and next generation data management. This must be carried
also implements a green office policy that is in accordance out with the principles of good governance and a culture of
with regulations to reduce the use of paper, electricity and awareness of technology and information security.
fuel oil. BRI Life has also prepared BRI Life’s Environmental, 4. Human Resources Support and Good Corporate Governance
Social and Government (ESG) roadmap for the long term which Human resource development, both in terms of career and
refers to the values of Sustainable Development Goals (SDGs). competency, is the key for BRI Life in carrying out business
operations that grow sustainably with good corporate
Business Prospect and Strategy for PT Asuransi BRI Life in 2024 governance. This human resource development refers to
In 2024 BRI Life targets increasing contributions in the form the implementation of the BRI Group 2.0 Talent Mobility
of FBI and Profits to BRI as the Controlling Shareholder of policy. so that career development can be carried out well
BRI Life. For this reason, BRI Life will focus on optimizing and support sustainable business growth. BRI Life has also
the business potential of all sales channels. BRI Life targets prepared an environmental, social and governance (ESG)
premium growth of around 15% and strictly maintains OPEX/ roadmap to ensure business operations run in accordance
TWPI levels. Several BRI Life strategies to achieve the targets with existing corridors to realize sustainable growth. In
set by Shareholders in 2024 are as follows: 2023, BRI Life has started the roadmap with a green office
1. Optimizing Business Potential of All Marketing Channels policy and in the future it will form an ESG function and an
BRI Life continues to be committed to growing sustainably ESG Committee to carry out campaigns.
to provide peace of mind for all its customers. In realizing
PT BRI MULTIFINANCE INDONESIA (BRI Finance)
BRI Finance assets in December 2023 amounted to IDR9.06, IDR1.27 trillion, Operating Lease (OPL) business financing of
an increase of 23.70% compared to December 2022 which IDR754.18 billion and consumer business financing of IDR3.48
amounted to IDR7.32 trillion. This increase was in line with billion. trillion. Total financing disbursement increased by
positive growth in consumer financing receivables with a 7.97% yoy, especially in the high yield used car segment
value of IDR6.33 trillion, an increase of 26.80%. BRI Finance’s consumer business and refinancing increased by 87.22% and
revenue in December 2023 was IDR1.24 trillion, an increase 95.76% in line with BRI Finance’s aspirations and objectives
of 38.87% compared to December 2022 which was IDR890.6 to increase the proportion of high yield segment financing
billion. The increase in income came from the distribution as a step to increase profitability. BRI Finance’s net profit in
of new financing by BRI Finance in 2023 reaching IDR5.51 December 2023 increased by 22.68% from IDR83.84 billion
trillion, consisting of commercial business financing of in December 2022 to IDR102.85 billion in December 2023.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 249
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This increase was in line with improvements in the national to grow optimally and BRI’s strategy Finance to improve
economy and financing performance in the industry began performance by implementing strategic initiatives in 2023.
Table of PT BRI Multifinance Indonesia Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Asset 9,057,071 7,321,870 1,735,201 23.70%
Financing (gross) 7,917,078 6,710,638 1,206,440 17.98%
Consumer Financing 6,330,730 4,992,586 1,338,144 26.80%
PT BRI Multifinance Indonesia Strategy for 2024 PT BRI Multifinance Indonesia Competitive Advantage and
In 2023, BRI Finance improved services by adding 9 (nine) Innovation
points of sales and strengthening 30 captive points throughout In accordance with the aspirations of shareholders, BRI Finance had a
Indonesia. This was done as an effort to optimize services to competitive advantage, namely as a single gateway auto loan for the
debtors by accelerating the financing process, so that the BRI Group. In addition, BRI Finance was the main provider of electric
distribution of facilities to debtors became more effective and vehicle financing products, as a form of BRI Group’s commitment
efficient. Marketing of BRI Finance products in 2023 was be to support the Government’s policy regarding accelerating the
carried out through a joint marketing campaign to support use of Battery-Based Electric Motorized Vehicles (KBLBB). The
increased financing by using operational costs effectively and continuation of BRI Finance’s expansion through the placement of
efficiently. This promotion was carried out by BRI Finance marketers in the BRI work unit network, as of 2023, more than 180
together with dealers and suppliers and was aimed at expanding work units had been placed to reach potential throughout Indonesia.
the collaboration network and increasing BRI Finance brand BRI Finance’s medium-term strategy is part of a long journey of
awareness throughout Indonesia. digital transformation towards “Empowering Autoloan Financing” in
2025. To realize this aspiration, BRI Finance is aware that it will face
The development of business operational support systems from digitalization challenges accompanied by changes in post-pandemic
the information technology aspect that will be carried out by BRI consumer behavior in the financing industry. This shift in customer
Finance in 2023 is as follows: expectations changes cooperation patterns, ease of processes, and
1. Digital signature and e-contract, with the main aim of more seamless services in accordance with customer behavior. BRI
developing digital signature and e-contract features being Finance will increase investment in information technology through
customer satisfaction and increasing the productivity of the development and enhancement of various platforms supporting
marketers in the field. The features contained in the MyBRIF internal business activities, including the core financial system
application make it easier for debtors to sign a digital contract as accommodation for BRI Finance activities, e-General Ledger
whose validity has been tested. Apart from that, debtors can (eGL) which supports the preparation of BRI Finance’s financial
easily access information related to their financing through reports, various financing acquisition tools in all segments, as well
the MyBRIF application. as various other supporting platforms. In order to strengthen the
2. New Mobile Order (NEMO), the benefits that the Company digital transformation that has been carried out, BRI Finance is
feels from developing this tool include accelerating the maximizing parent synergy in various lines, especially the business
Service Level Agreement (SLA) process, increasing assets, group ecosystem.
facilitating leads sourced from MyBRIF and the marketplace
and monitoring marketing staff that can be accommodated Business Prospect and Strategy for PT BRI Multifinance
optimally. Indonesia in 2024
3. Credit risk scoring, development is carried out so that the Preparing BRI Finance’s long-term business plan for the 2024–2026
distribution of multipurpose financing is more comprehensive period in accordance with shareholder aspirations, namely to become
to obtain a scoring model based on asset type (new car and a “Leading Player in Autoloan Financing”, thus expanding the
used car) that is more predictive and effective for determining scope of the multipurpose financing market remains BRI Finance’s
risk pricing and the Company’s portfolio management focus. The innovation and exploration of new sources of growth has
strategy. implications for BRI Finance’s increasingly complex business. BRI
4. Collection scoring, which aims to make it easier to classify Finance will focus on synergies and cross selling that have been
collection priorities for each debtor by using debtor credit developed in the BRI Group. Apart from that, development is also
history and installment history data, as well as machine being carried out on the pipeline of repeat orders from existing
learning. debtors and BRI Group value chain debtors. The company continues
PT Bank Rakyat Indonesia (Persero) Tbk.
250 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
to channel financing and business expansion selectively, as well as c. High Yield Segment Credit Scoring Development
exploring new growth engines through optimizing single gateway BRI Finance continues to strive to maintain asset quality by
auto loans. The company will maintain a funding diversification focusing on controlling the non-performing financing ratio and
strategy to reduce the cost of funds and provide a competitive strengthening risk management enablers and infrastructure.
offering rate for its debtors. From the service side, BRI Finance will In line with the strategy of recomposing consumer financing
maximize the business value chain through strategic partnerships to the high yield segment, BRI Finance is developing credit
and developing various platforms to encourage digital channel scoring for the used car and refinancing segments as an effort
transactions such as the myBRIf application, new mobile orders to strengthen risk management enablers.
and others. Apart from that, it is a form of strengthening other d. Automatic Write Off Implementation
excellence enablers, especially human capital, culture, distribution As a form of controlling the non-performing financing ratio,
channels and risk management. As one of the maximum Good in 2024, BRI Finance will implement automatic write off for
Corporate Governance (GCG) measures, BRI Finance strengthens consumer portfolios with overdue > 180 days.
risk management and compliance to ensure that the distribution
of financing provided by the Company remains prudent and well As BRI Finance’s full support for the national green economy
monitored. The synergy carried out by BRI Finance together with policy, BRI Finance also directs its business focus to sustainable
business groups continues to be maximized both on the business finance through the implementation of environment, social
and non-business side through sharing resources, data integration and governance (ESG), so that the Company not only grows but
and exploring new ecosystem segments. also cares about business sustainability and the environment.
Until September 2023, BRI Finance has distributed financing
To achieve BRI Finance’s aspiration, namely to be included in the for more than 250 units of electric and hybrid vehicles. In 2024,
category of finance companies with total assets above IDR10 trillion BRI Finance will present superior programs specifically for
in 2024, the development of business operational support systems electric and/or hybrid vehicles to tap into the environmentally
in terms of information technology that BRI Finance will carry out friendly vehicle sales market. Repeating the success of the
is as follows: previous product marketing strategy, the joint marketing
a. Decision Engine Development campaign will continue to be used by the Company to increase
BRI Finance’s commitment to maintaining asset quality is its financing portfolio, especially multipurpose financing.
developed through a digital platform to simplify and speed up Promotional activities for financing products carried out in
the process of distributing financing to debtors, especially in 2024 will be expanded to conventional networks and digital
terms of checking debtor profiles. Some of the developments platforms through collaboration with several media in addition
carried out are in the form of automation of several categories to offline promotional collaboration with dealers and suppliers.
of decision making, including the Financial Information Services Through the network and ecosystem owned by the business
System (SLIK), Optical Character Recognition (OCR) and identity group, BRI Finance will more easily reach debtors more widely
verification, Electronic Know Your Customer (e-KYC) and the List and maintain engagement with debtors. The composition of
of Suspected Terrorists and Terrorist Organizations, calculation BRI Finance’s portfolio in 2024 will continue to be dominated
of Debt Service Coverage Ratio (DSCR), credit scoring and digital by multipurpose financing. On the other hand, BRI Finance’s
survey. distribution of investment financing and working capital will
b. Company Application Enhancement (myBRIf) continue to grow prudently and healthily by paying attention to
On an ongoing basis, BRI Finance is developing the BRI Finance the principles of healthy financing distribution and in accordance
digital application which can be accessed directly via each user’s with regulations. This aims to strengthen risk management and
device. Apart from that, BRI Finance will make myBRIf a digital maintain the quality of BRI Finance assets. Furthermore, with
lead system/digital lead engine. In 2024, developments that will the more challenging economic situation and conditions in
be carried out include: remapping roles (guest, registered public 2024, investment financing and working capital will continue to
debtor, dealer/showroom, agent and marketer), simplifying contribute to healthy, quality and sustainable growth through
dealer and showroom registration, as well as integrating myBRIf initiative and innovation strategies both with new sources of
and NEMO. growth and existing and value chains customers.
PT BRI VENTURA INVESTAMA (BRI VENTURES)
PT BRI Ventura Investama (BRI Ventures or the Company) is a potential (startups), with broad market potential, solid risk
subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk engaged in management and founders who have sufficient experience
venture capital. BRI’s share ownership in BRI Ventures reaches in running their business. This is aligned with helping the BRI
99.97% of the total shares issued by the company, while 0.03% Group develop products and services that make it easy for
is owned by the BRI Workers Welfare Foundation. BRI Ventures users (customer-centric). BRI Ventures will invest in technology
has aspirations to become a leading Corporate Venture Capital companies both within the scope of financial services (Fintech)
achieved through investing in companies that have high growth and other business sectors (Non-Fintech).
PT Bank Rakyat Indonesia (Persero) Tbk.
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Table of PT BRI Ventura Investama Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Total Asset 2,672,050 2,176,790 495,260 22.75%
Total Investment 1,950,988 1,969,349 (18,361) (0.93%)
Net Profit 4,364 39,629 (35,265) (88.99%)
Non Performing Investment (NPI) (%) 1,63 2,38 - (0,75)
In 2023 BRI Ventures recorded total assets of IDR2.67 trillion, PT BRI Ventura Investama Competitive Advantage and Innovation
an increase of IDR495.26 billion or 22.75% compared to 2022. To date, BRI Ventures has successfully managed 2 (two) Venture
This increase came from additional capital and an increase in Funds, namely Dana Ventura Nusantara I (DVSN I) and Dana
total investment consisting of new shares (new deployment) Ventura Nusantara II (DVSN II). During 2023, BRI Ventures
and an increase in value of share investment. Total investment invested in shares through Venture Funds to 2 (two) investees
in 2023 reached IDR1.95 trillion, a decrease of 0.93% compared and successfully carried out fundraising (capital calls) from 2
to 2022. During 2023, BRI Ventures invested in 4 (four) investees (two) Limited Partners. Apart from that, during the 2023 period
and was able to record a net profit of IDR4.36 billion. During BRI Ventures through DVSN II successfully implemented the
2023, BRI Ventures will also succeed in improving the quality accelerator program namely “Kiqani Labs”. This program was
of its productive assets. This was shown by the Non-Performing attended by 14 (fourteen) selected Indonesian startups operating
Investment (NPI) ratio in 2023 of 1.63%. in the fashion, beauty and food and beverage industries.
PT BRI Ventura Investama Strategy in 2023 Business Prospect and Strategy for PT BRI Ventura Investama
The condition of the venture capital business throughout 2023 in 2024
is filled with uncertainty, this can be seen from the decline in In 2024, BRI Ventures will focus its investment activities on
global funding of ±40% (yoy). With this reduction in funding, companies/startups in the fintech and non-fintech sectors that
most startups are making efficiency efforts through layoffs (PHK) have the potential to increase capabilities, have a positive impact
policies. To be able to survive in facing these conditions, the BVI on business, and open access to new ecosystems for the BRI
has made various efforts, including: Group. In investing in startups with main business activities that
1. Optimize exit opportunities by considering the Internal Rate are not in the financial sector (non-fintech), BRI Ventures uses
of Return (IRR) target and potential gain. In 2023, BVI has venture fund instruments. In order to realize BRI Ventures’ vision
succeeded in full exit for Investee Nium with a total gain of of becoming the leading Venture Capital Company in Indonesia,
IDR60.63 billion or an IRR of 44.65%. BRI Ventures is developing alternative investment products/
2. BVI has committed to supporting the growth of Indonesian instruments to complement the existing Capital Stack that
startup businesses through participation agreements in the can be offered to BRI Ventures’ target investees. This initiative
Merah Putih Fund funding. began with the formation of the Sembrani Nusantara I Venture
3. As an alternative source of income, BVI has piloted financing Fund which focuses on the “EARTH” sector (education, agro-
through a debut venture for the existing investee, namely maritime, retail, transport, health). BRI Ventures is also actively
Andalin, amounting to IDR495 million. This is considered exploring non-conventional opportunistic sectors such as Direct
quite prospective, amidst market conditions that have not to Consumer (D2C) through the Sembrani Nusantara II Venture
yet improved. Fund together with investors and other strategic partners. Apart
from that, new funds will continue to be developed that have
To maintain portfolio quality and mitigate investment risks, BVI funding instruments that suit appetite and varying risk levels,
has monitored the quality and runway of investees as well as such as thematic funds.
carried out internal audits and submitted monitoring reports to
the regulator periodically.
PT Bank Rakyat Indonesia (Persero) Tbk.
252 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
PT BRI ASURANSI INDONESIA (BRI Insurance)
BRI Insurance is part of a subsidiary of the BRI Group which insurance protection through a variety of trusted products
operates in the insurance sector and has the responsibility to supported by technological innovation, prudent GCG and human
create value both from a business perspective and improve the capital. superior to produce optimal and sustainable productivity.
image of BRI Insurance with a commitment to providing general
Table of PT BRI Asuransi Indonesia Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Asset 6,464,609 4,891,250 1,574,359 32.19%
Gross Premium 1,542,863 1,267,919 274,944 21.68%
Equity 2,010,409 1,622,163 388,246 23.93%
BRI Insurance assets in 2023 amounted to IDR6.47 trillion, an 3. Innovating productive distribution channels, including
increase of 32.19% compared to 2022 of IDR4.89 trillion. This synergizing bancassurance marketing, increasing cooperation
increase was due to several things, including an increase in with the digital business ecosystem, and strengthening
investment value of 11.7% compared to 2022 and an increase in agency and broker businesses.
technical reserves of 34.9% compared to 2022. BRI Insurance’s 4. Increasing the number of customer portfolios, renewal ratios,
gross premium income in 2023 was IDR1.54 trillion, an increase and develop existing businesses.
of 21.68% compared to with 2022 amounting to IDR1.27 trillion. 5. Increasing the ratio of premium collection and claim
This happened because COB Credit premium growth was 123.2%, recovery.
COB Motor Vehicle was 42.7%, COB Property was 2.6%, Marine Hull 6. Improving after sales service claims services, policy
was 94.1% and Engineering was 34.3%. BRI Insurance’s equity in extensions and customer engagement.
2023 increased by 23.93% from IDR1.622 trillion in 2022 to IDR2.01 7. Optimizing the use of digital technology for the effectiveness
trillion in 2023. This increase was due to an increase in profit for the and efficiency of business processes.
year of 28.5% compared to 2022 to IDR479.4 billion in 2023. 8. Increasing investment capacity with good risk management
and diversify investment placements for optimal returns.
PT BRI Asuransi Indonesia Strategy in 2023 9. Strengthening data privacy and data security management.
Increasingly competitive business conditions and a dynamic 10. Improving Company governance and supporting Integrated
and uncertain business environment required BRI Insurance to Governance.
continue to seek new breakthroughs and implement strategies 11. Preparing pre-implementation of Statement of Financial
that were appropriate and in line with changes in the business Accounting Standards (PSAK 74).
environment. BRI Insurance must be able to create, exploit and 12. Carrying out culture activation, literacy and efforts to
achieve competitive advantages by creating competitive values increase insurance inclusion in the face of strengthening
that are better than competitors. To achieve this, BRI Insurance business competition.
must be able to implement strategies and values that are 13. Increasing worker competency in the fields of technology,
different and cannot be imitated by its competitors. One of these analytical data and industry knowledge
strategies is through innovation. The following is a description
of the strategies and competitive advantages and innovations PT BRI Asuransi Indonesia Competitive Advantage and Innovation
implemented by BRI Insurance Indonesia in 2023 accompanied Competitive Advantage and Innovation owned by BRI Insurance
by an analysis of business prospects for 2024, namely: Indonesia are:
1. Becoming a one stop insurance solution to meet insurance 1. PT BRI Asuransi Indonesia had a network of 115 (one hundred
needs through products, services and marketing channels fifteen) offices spread throughout Indonesia.
that can answer customer needs. 2. It becomes a company with the first rank in the gross
2. Developing existing products and innovate new products, premium category of IDR1 to <IDR2.5 trillion according to
including micro, ultramicro products, products according to infobank.
ESG principles, and insurance products based on customer 3. PT BRI Asuransi Indonesia consistently carried out certification
behavior and needs. with the latest results of the idAA rating from Pefindo.
4. As one of the leading general insurance companies, PT BRI
Asuransi Indonesia has more than 70 (seventy) products
PT Bank Rakyat Indonesia (Persero) Tbk.
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including superior products and customized products. strengthening the ecosystem, opening new marketing channels,
5. General insurance company that controls the micro insurance increasing the number of marketers and strengthening capital. The
market share. BRI Insurance strategy in 2024 is as follows:
6. CAGR of gross premiums (21.21%), net profit (35.23%), 1. Portfolio focuses on business lines with controlled risk levels
underwriting results (20.95%) and positive investment and good profitability.
results (11.59%) in the last 3 (three) years are above average 2. Strengthening the micro segment to support financial inclusion,
industry. one of which is by optimizing production growth in the motor
7. Have strong financial ratios in the last 3 (three) years and are vehicle business line.
above the industry average, including: profit margin, ROE, 3. Optimizing retail segment products for suboptimal production,
underwriting yield, loss ratio and RBC especially in the property and motor vehicle insurance business
8. BRI Insurance’s maturity level (such as governance, compliance, lines, through strengthening synergies.
risk management and audit) received a score above 3 (defined) 4. Strengthening reinsurance management.
9. BRI Insurance with services that are increasingly developing 5. Striving to reduce exposure to the credit insurance business line
with services based on digitalization and automation (such and reviewing alternative sources of new growth.
as BRINESIA, BRINSmobile, Claim Center/ B-Class, Customer 6. Realizing the potential for insurance penetration in the ultra-
Care, E-policy). micro ecosystem.
10. Having certified experts. 7. Improving pipeline management to minimize performance
fluctuations and deviations from targets.
Business Prospect and Strategy for PT BRI Asuransi Indonesia 8. Preparation of a follow-up plan for the separation of the Sharia
in 2024 Business Unit in accordance with applicable regulations.
In the midst of global economic turmoil that has not subsided, 9. Increasing the marketing for custom products according to
the Indonesian economy shows resilience and has good prospects. customer segments and needs to realize the aspirations of
Bank Indonesia estimated economic growth in the range of 4.5% providing a customer-centric one stop insurance solution.
- 5.3% in 2023, and it will continue to increase to 4.7% - 5.5% in 10. Continuing to strengthen investment capacity in an
2024, supported by private consumption, investment and continued effort to increase investment returns to optimize returns,
positive export performance. This can be a strength for the Company manage investment risks, especially in anticipating the
in the insurance industry because economic growth and economic implementation of PSAK 74.
class movements will encourage an increase in people’s household 11. Examining the potential of cyber risk insurance products in
spending. Under these conditions, BRI Insurance is confident that responding to new risks that arise.
it will be able to compete and continue to increase BRI Insurance’s 12. Strengthening the digital ecosystem as a distribution channel
income while continuing to carry out business processes prudently. by developing simple, affordable products with a shorter time
The insurance industry is expected to experience an increase in the frame and in line with the needs of the wider community is in
next 5 (five) years. Industry players are focused on digitalization, line with the aspirations of going smaller and going faster.
PT BRI DANAREKSA SEKURITAS
In the 2023 period, PT BRI Danareksa Sekuritas managed to record recorded revenue. Compared to 2022, PT BRI Danareksa Sekuritas’
a net profit of IDR70.52 billion. The business income obtained revenue was relatively smaller or has decreased by IDR38.73 billion
was IDR308.78 billion with the largest contribution coming from or decreased by 11.14%, this decrease was due to several securities
securities trading intermediary services income amounting to underwriting projects experiencing rescheduling. However, other
IDR141.0 billion or 47%, followed by financial advisory services business lines experienced a significant increase, especially income
income amounting to IDR116.47 billion or 39%, and underwriting from securities trading brokerage services.
services income amounting to IDR63.83 billion or 8% of the total
Tabel Kinerja (Produktivitas) PT BRI Danareksa Sekuritas (dalam jutaan Rupiah)
Pertumbuhan
Uraian 2023 2022
(Nominal) (%)
Aset 1,059,172 1,648,173 (589,001) (35.74%)
Pendapatan Usaha 308,777 347,502 (38,725) (11.14%)
Net Profit 70,521 72,970 (2,449) (3.36%)
PT Bank Rakyat Indonesia (Persero) Tbk.
254 2023 Annual Report
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Management Discussion and Analysis
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Pertumbuhan
Uraian 2023 2022
(Nominal) (%)
Akumulasi Nilai Transaksi Brokerage
Saham 98,134,258 106,703,367 (8,569,109) (8.03%)
Obligasi Pemerintah 272,950,420 328,682,560 (55,732,140) (16.96%)
Obligasi Korporasi 45,000,210 45,628,550 (628,340) (1.38%)
PT BRI Danareksa Sekuritas Strategy in 2023 PT BRI Danareksa Sekuritas Competitive Advantage and Innovation
In 2023, BRI Danareksa Sekuritas launched its flagship online BRI Danareksa Sekuritas is the first securities company as well as a
trading platform, namely BRIGHTS EASY, an alternative version pioneer in the Indonesian capital market. BRI Danareksa Sekuritas
of BRIGHTS with simplicity features and very easy to use. also has competent and certified human resources. BRI Danareksa
BRIGHTS EASY is expected to provide the best experience for Sekuritas has a superior online trading system product, namely
BRI Danareksa Sekuritas retail customers. Then, development BRIGHTS, which offers simplicity through BRIGHTS EASY. Apart from
on the institutional equity brokerage business side was also that, BRI Danareksa Sekuritas is also part of Bank Rakyat Indonesia,
carried out by working on improving the trading system to be the state-owned bank with the largest asset ownership. Armed with
able to provide excellent and reliable service. To aggressively this experience and supported by synergy with the BRI Group, BRI
expand the retail brokerage business, BRI Danareksa Sekuritas Danareksa Sekuritas has access to the widest reach in Indonesia
continued its collaboration program with BRI regarding through the parent distribution channel.
opening RDN accounts via the BRImo application and
embedding the BRIGHTS application launcher in the BRImo Business Prospect and Strategy for PT BRI Danareksa Sekuritas
application. Apart from BRI, PT BRI Danareksa Sekuritas was in 2024
running a collaboration program with BRI Group related to the Welcoming business in the political year and increasing
acquisition of employee RDN accounts. Then, BRI Danareksa geopolitical tensions in 2024, BRI Danareksa Sekuritas will
Sekuritas continued to encourage the expansion of cross continue to focus on strengthening the foundations of retail and
selling between BRI and the BRI Group. Synergy with BRI was institutional businesses by maximizing the potential for interest-
also implemented to strengthen the underwriting and financial based income and increasing vote rank on the institutional
advisory services business, BRI Danareksa Sekuritas penetrated side. In order to face the challenges in 2024, BRI Danareksa
corporate banking customers and forms a special team to Sekuritas took the theme “Improving Business Performance to
handle BRI customers related to loan structuring. In terms of Achieve Strong Financial Performance by Focusing on the Retail
product and service development, BRI Danareksa Sekuritas Segment”. In this big theme, there are derivative aspects that
offered convenience in margin transactions through Margin will be carried out by PT BRI Danareksa Sekuritas in 2024, in
Online (MO) as well as ease in managing RDN balances through general including increasing the potential for interest-based
the autocash withdrawal feature. BRI Danareksa Sekuritas also income, increasing cross selling cooperation with BRI, continuing
carried out brand refinement to obtain brand identity as a development of institutional systems and the BRIGHTS online
strategy to increase brand awareness of the company and its trading system, increasing rank scores. institutional voting,
products. PT BRI Danareksa Sekuritas continues to implement collaborating with foreign brokers regarding sub-broking,
the corporate culture transformation which is based on BRIone improving the effectiveness and efficiency of back office
Culture. The customer service culture transformation is also processes, continuing massive campaigns to increase brand
carried out by BRI Danareksa Sekuritas by optimizing digital awareness, implementing digital implementation (digitization),
assets, especially in marketing and literacy activities for retail carrying out business expansion, carrying out synergies with BRI
customers through several products such as BRI Danareksa and BRI Group , implementing a performance driven culture, as
Market Update, Sapa Mentari, Saham (Stock) Kramat, Investalk well as strengthening GCG and ESG implementation through
Series, Bekal Buat Besok, Ngerondasip, and BRI Danareksa RAKB.
Eduvest. BRI Danareksa also strengthens governance and risk
management to be able to support all business activities. In BRI Danareksa Sekuritas will continue to optimize collaboration and
the midst of intense business competition, BRI Danareksa accelerate synergy with the parent entity (BRI), especially to develop
Sekuritas remains focused on conducting sustainable business the retail business. Some of the strategies that will be implemented
by implementing and considering environmental, social and in 2024 include the development of “Let’s Save Stocks” feature via
governance (ESG) aspects in accordance with the provisions the BRImo application which will then be continued into trading
stated in POJK NO.51/POJK.03/2017. via BRImo. Then, collaborating with BRI regarding providing early
PT Bank Rakyat Indonesia (Persero) Tbk.
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settlement facilities for retail brokerage transactions as well as from that, BRI Danareksa Sekuritas will run a loyalty program to
simplifying BRI priority customer bond transactions managed by provide stimulus to retail customers. BRI Danareksa Sekuritas will
wealth management through the integration of the BRIGHTS also develop the online securities pawning feature on BRIGHTS. In
application. In addition, PT BRI Danareksa Sekuritas will continue to order to face future business dynamics, BRI Danareksa Sekuritas is
collaborate with the entire BRI Group in the RDN acquisition program also making improvements to the back office service system, such
through the MESOP program for BRI subsidiaries and customers. BRI as custodial system automation, development and integration of
Danareksa Sekuritas also carries out exclusive collaboration related front and back office data to achieve good, effective and efficient
to education and marketing programs for BRI ESA customers. Then, work processes. PT BRI Danareksa Sekuritas also continues to strive
BRI Danareksa Sekuritas continues to encourage the expansion of to increase the capacity and capability of human resources through
cross selling between BRI and the BRI Group. Synergy with BRI is also the human capital framework alignment program with BRI. In
implemented to strengthen the underwriting and financial advisory carrying out business and strategy in 2024, strengthening Corporate
services business with collaboration beyond lending partnerships. Governance (GCG) will continue to be carried out, especially in terms
With synergy with BRI and the BRI Group, BRI Danareksa Sekuritas of risk management, compliance and internal audit. BRI Danareksa
plans to return to becoming a large-scale underwriter (high profile Sekuritas strives to implement and receive an assessment on the
underwriter) and obtain financial advisory services customers from Corporate Governance Perception Index (CGPI). In addition, in
the private sector. accordance with NO.51/POJK.03/2017, BRI Danareksa Sekuritas
will continue to support the implementation of Environmental,
On the internal side, BRI Danareksa Sekuritas will continue its brand Social Responsibility and Governance (ESG) through the Sustainable
campaign and strategy in order to increase brand awareness. . Apart Financial Action Plan (RAKB) program.
PT PERMODALAN NASIONAL MADANI (PNM)
PNM asset in 2023 reached IDR51.11 trillion, an increase of mainly came from an increase in financing income from PNM
9.33% compared to 2022 which amounted to IDR46.74 trillion. Mekaar and UlaMM, which in 2023 was recorded at IDR41.97
This increase mainly came from an increase in productive trillion, an increase of 17.18% compared to 2022 which
financing assets, which in 2023 reached IDR47.09 trillion, an amounted to IDR35.81 trillion. Likewise, PNM’s net profit for
increase of 10.58% compared to 2022 which amounted to the 2023 period increased by 78.34% from IDR945.43 billion
IDR42.59 trillion. In terms of revenue, PNM posted revenue in 2022 to IDR1,69 trillion in 2023This increase was supported
in 2023 of IDR15.38 trillion, an increase of 19.76% compared by the growth in outstanding financing with controlled quality
to 2022 which amounted to IDR12.84 trillion. This increase of productive assets.
Table of PT Permodalan Nasional Madani Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Asset 51,106,905 46,744,758 4,362,147 9.33%
Disbursement of Financing 71,016,143 64,533,172 6,462,971 10.01%
Outstanding 47,094,856 42,588,393 4,506,463 10.58%
PT Permodalan Nasional Madani Strategy in 2023
PNM determined strategies and strategic policies to achieve the 3. Development of financing products to meet customer needs.
company’s targets for 2023 as follows: 4. Increasing financial literacy and increasing financial inclusion
1. Changes to PNM’s organizational structure were carried for Mekaar customers through customer group meetings and
out in order to support long-term strategic initiatives and synergy activities
company sustainability. 5. Increasing the level of corporate governance through
2. Selective and effective market penetration. In this case, operational and loan risk management as well as measuring
PNM mapped areas that have the potential to be financed, the Corporate Governance Performance Index (CGPI).
expanding service areas through opening Mekaar unit offices 6. Development of a digitalization system to increase the
in potential areas and increasing the productivity of existing efficiency and effectiveness of business processes, including
unit offices, embracing old customers by improving the updating the Mekaar Digi financing application and increasing
quality of training/customer assistance through development hardware capabilities and IT security systems.
programs business capacity.
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7. Optimizing available cash funds and diversifying funding opportunities for business synergy which leads to improved
sources from both the capital market and banking and the service to customers through diversification of existing
government through the Government Investment Center products as well as achieving the company’s overall business
was expected to reduce overall loan interest rates. targets. Apart from distributing financing, PNM also carries
8. Increasing productivity and competency of human out empowerment activities through business assistance,
resources, to support the empowerment of female training for customers, and the formation of customer
customers who are ultra-micro business actors and micro- business clusters to help customers increase their business
small business actors, PNM was optimizing education and capacity. This is expected to be able to increase the customer
training programs carried out both offline and online with retention rate and the percentage of customers who continue
the aim of increasing competency, especially for millennial to become bank entrepreneurs. This strategy is expected to
and female employees to support increased productivity be able to increase customer retention thereby supporting
employees as a whole in achieving PNM targets. an increase in the number of customers and overall growth
in both conventional and sharia financing receivable balances.
PT Permodalan Nasional Madani Competitive Advantage At the end of 2024, it is projected that PNM’s financing will
and Innovation still be able to grow double digits, with an increasing focus
PNM was founded in 1999 with the vision of becoming a leading on Mekaar group financing, while Ulaam’s individual financing
financing institution in increasing added value in a sustainable will be aligned with BRI.
manner for micro, small, medium and cooperative enterprises
(UMKMK) based on the principles of Good Corporate PT Permodalan Nasional Madani Strategic Initiatives in
Governance (GCG), the main focus of which is currently the 2024
empowerment of women actors. ultra micro business. By the In 2024 PT Permodalan Nasional Madani implements several
end of 2023, through 4,552 service offices spread across 513 key strategic initiatives as follows:
districts/municipalities and 34 provinces, PNM empowered 1. The company will expand product beneficiaries by mapping
more than 15 million female customers who were ultra-micro and accelerating units that have the potential to target
business actors and more than 118 thousand MSE customers. In potential customers to increase productivity, as well as
order to encourage increased business capacity of customers, carry out product innovation by increasing companion
PNM also emphasized empowerment activities through products.
providing business assistance and training to customers in 2. Strengthening empowerment activities for Mekaar
addition to providing capital. Apart from that, PNM also customers by providing digital literacy programs to increase
supported the Sustainable Development Goals program, understanding and knowledge of digital technology for
including financing to improve the quality of sanitation and customers’ business capabilities with digital marketing,
clean water as well as financing for renovation of customers’ customer business development literacy to accelerate
business facilities/infrastructure, and PNM also played an sales and financial literacy for opening savings accounts.
active role in various social and environmental responsibility 3. Innovate the Mekaar group meeting process (PKM) to
activities. The use of technology and information was also increase productivity and efficiency of business processes.
carried out to improve services to customers and support 4. Increasing the IT maturity index by building a cloud-
business and operational activities towards digitalization so based technology architecture, building data lakes and
that performance productivity could be increased, apart from activating use case analytics as well as strengthening the
that, with the existing Ultra Micro Holding synergy, services to organization and IT management functions.
customers could be improved. 5. Strengthening Corporate Governance by measuring GCG
and CGPI, Measuring Maturity Compliance and Corporate
Business Activity Achievement Strategy Governance, and Digitizing Compliance and Governance in
In order to achieve performance targets by the end of 2024, policy and reporting repositories.
PNM plans to expand the Mekaar unit office service network. 6. Increasing the productivity and competence of human
Management is also trying to improve the quality and resources, by supporting the role of women and the
competence of human resources, especially account officers, millennial generation in strategic positions and leadership
so that they can support the sustainability of PNM. In 2024, cadres.
the company’s main business will continue to be focused 7. Strengthen the end-to-end digitalization process in
on providing group-based financing to female ultra-micro Mekaar’s operational and business processes to drive
entrepreneurs through PNM Mekaar, with potential that is still efficiency.
quite large and has not yet been exploited optimally. On the 8. Strengthen the organization and function of the Internal
other hand, the existence of an ultra-micro holding provides Audit Unit (SPI) to improve supervisory capabilities.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 257
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PT PEGADAIAN
PT Pegadaian’s asset performance growth in 2023 reached recorded an increase in operating profit in 2023 of 31.15%
IDR82.15 trillion or grew yoy by 12.66%. Asset growth is from IDR 3.33 trillion in 2022 to IDR 4.38 trillion in 2023.
influenced by the largest component, namely outstanding This increase in operating profit was not only supported by
loans which grew 14.43% from 2022, namely from IDR 59.05 increased revenue, but was also offset by savings as reflected
trillion to IDR 67.57 trillion in line with the post-pandemic in marginal revenue of 11.5% which was greater than the
national economic recovery and also the existence of massive marginal cost of 2.7%, which make PT Pegadaian could record
marketing and sales programs. In terms of revenue, Pegadaian profits with positive growth.
Table of PT Pegadaian Performance (Productivity) (in IDR million)
Pertumbuhan
Uraian 2023 2022
(Nominal) (%)
Asset 82,151,803 73,920,622 9,231,181 12.66%
Financing (Outstanding Loan/OSL Gross) 67,573,563 59,052,916 8,520,647 13.43%
Operating Profit 4,377,492 3,337,756 1,039,736 31.15%
PT Pegadaian Strategy for 2023 c. Sustainable Resilience
Against the backdrop of global and national economic The strategy focuses on prioritizing business
uncertainty, the spirit of economic recovery in the pandemic era, sustainability by increasing business, environmental,
as well as ultra-micro ecosystem synergy, in 202. PT Pegadaian social and governance resilience.
carries the theme “Growing Stronger: Increasing business scale
through Integrated Financial and Gold Ecosystem”, so that PT Pegadaian Competitive Advantage and Innovation
the next year the company’s direction is to grow exponentially Always prioritizing innovation in order to strengthen
through increasing the integrated financial business scale and as competitiveness and provide the best products/services for
a key player in the foundation of the gold ecosystem in the plan the community, especially in utilizing technology and changing
to form Bullion Bank in Indonesia. The focus of the 2023 strategy community behavior. Apart from that, Pegadaian continues to
will be focused on: maintain service quality with reliable appraisers supported by
1. Rapid Growth as Business Strategy various marketing and sales programs, strengthening pawn-
a. Retention (Rollover) based products, optimizing opportunities for gold-based and
The focus of the strategy is to scale up customers fiduciary products, strengthening sharia business, as well as
to become loyal customers and prevent them from optimizing digital leads and synergy with strategic partners.
switching to competitors. can help companies continue to grow sustainably as a solution
b. Acquisition (New customer) for society in overcoming problems without problems.
Strategic focus on acquiring customers through market
penetration, market development, product development PT Pegadaian Business Prospect and Strategy for 2024
or diversification. Based on the spirit of growth with ultra-micro holdings, the
c. Booster (Scale up B2B) spirit of transformation, and the spirit of improving Indonesia,
Focus on strategies to accelerate business through cross in 2024, Pegadaian will carry the theme: Going Beyond:
selling programs. Synergy with strategic partners and Maximizing Financial Ecosystem and Establishing New
customer experience. Business Capabilities with a strategy that is in line with the
2. Enabler Business as a supporting strategy for business grand strategy in the Company’s Long Term Plan 2024-2028
a. Productivity Accelerator namely G7-STAR:
Focus on increasing HR productivity and Information 1. Grow Core
Technology as an accelerator for business growth Strengthening Pegadaian’s core business in the pawn and
through process improvement. micro business lines through the use of data and technology
b. Risk Mitigation in sales activities, modernizing business processes and
Strategic focus on improving the quality of productive facilitating multi-product customer experiences.
assets and as an accelerator for increasing business
opportunities through the risk identification process.
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Management Discussion and Analysis
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2. Go Further 5. Groom Talent
Increasing agency network capabilities and optimizing Achieving the best talent management in order to support
cooperation with potential strategic partners. business growth and development.
3. Go Together 6. Gen-Z Tech
Strengthening the synergy between BRI Group and Strengthening the IT architecture that supports new business
Pegadaian Group through joint utilization of sales networks implementation, strengthening the Company’s internal
and strengthening the capabilities of business supporting and external applications and implementing a data-based
functions. operational model to achieve optimal benefits.
4. Grab New 7. Great Culture and GCG
Expanding business segments by launching new business lines Re-launching cultural transformation, strengthening
through developing bullion services and accelerating growth governance and risk management and implementing
through inorganic strategies and strengthening subsidiaries. comprehensive ESG practices.
PT BRI MANAJEMEN INVESTASI
PT BRI Manajemen Investasi’s assets in 2023 amounted to expenses (accrued expenses) on accrued operational costs, most
IDR288.82 billion, an increase of 4.45% compared to 2022 of which have been paid before the end of December 2023 as well
which amounted to IDR276.52 billion. The increase was from as tax debts.
rental fixed assets, prepaid taxes and securities portfolio due to
transactions involving the purchase of the DIM portfolio. There PT BRI Manajemen Investasi’s revenue in 2023 will be IDR131.20
was a decrease in cash equivalents and other assets. Transactions billion, a decrease of 12.36% compared to 2022 which will be
that have been settled have been recorded in cash equivalents, IDR149.52 billion. The decrease in income was due to marketing
but transactions that are in the settlement process are recorded performance in 2023 which was not optimal and there was 1 (one)
in accounts receivable. Mutual Fund product that did not receive income from investment
management due to the dissolution process of the Mutual Fund. AUM
Meanwhile, on the liabilities side, there was a quite significant in 2023 will be IDR40.9 trillion compared to AUM in 2022 of IDR36.1
increase, the majority of the increase was in rent payables, trade trillion. As for the cost post, there is an increase in operational costs
payables for commissions and other payables for affiliate fee bills consisting of business development (marketing and consultant
with Danareksa (Persero), some of which were paid at the end costs) and depreciation costs for rental assets. Meanwhile, employee
of December 2023. Meanwhile, there was a decrease in accrued costs and information system costs have decreased.
Table of PT BRI Manajemen Investasi Performance (Productivity) (in IDR million)
Growth
Description 2023 2022
(Nominal) (%)
Asset 288,820 276,520 12,300 4.45%
Obligation 62,359 49,063 13,296 27.10%
Equity 226,461 227,457 (996) (0.44%)
Commission. Net Operating Income 131,198 149,521 (18,323) (12.25%)
PT BRI Manajemen Investasi Strategy for 2023
Some of the strategies implemented by BRI Investment 2. Marketing focus on open end mutual fund products,
Management in 2023 are as follows: especially flagship products, as well as increasing managed
1. Focus on building the foundation for group synergy through funds through the main retail segment.
aligning flagship products and marketing targets from 3. The focus was on increasing human resource capabilities
both the institutional side, APERD Bank (WMG), and APERD and qualifications, including through talent mobility and
Securities (BRIGHTS). strengthening key competencies.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 259
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4. The focus was on optimizing back-office processes, including Investment Manager Industry. The various collaborations
through core system upgrading and ERP development. carried out were expected to increase the integration of BRI
5. Focus on strengthening risk management and governance Investment Management as part of the BRI Group which had a
through aligning risk maturity assessments and governance vision of being The Most Valuable Banking Group in Southeast
as well as risk profile management. Asia and Champion of Financial Inclusion.
PT BRI Manajemen Investasi Competitive Advantage and PT BRI Manajemen Investasi Business Prospect and Strategy
Innovation for 2024
BRI Investment Management was founded in 1992 as the first At the beginning of 2023, there were two significant things, namely
Investment Manager in Indonesia and issued the first mutual the potential for a global economic slowdown and the potential
funds in Indonesia in 1996. The broad spectrum of investment for an end to monetary policy tightening. During 2023, the Fed
products owned by BRI Investment Management is based was recorded as raising interest rates 4x a total of 100 bps to the
on financial planning and customer orientation, providing range of 5.25% - 5.50%. This rate of increase was much lower than
various investment options for all segments, both institutional the rate of increase in the Fed Funds Rate in 2022, which was 7x,
and retail that is tailored to customer risk tolerance and totaling 425 bps. Meanwhile, United States inflation was in the range
investment policies. As a knowledge intensive company, BRI of 3.1% (November 2023), far below the 2022 position of 6.5%.
Investment Management prioritizes business and operational The Fed Chairman gave the signal to cut interest rates in his last
management handled by professional and experienced speech last December considering the sloping inflation conditions
human resources in the world of capital markets, supported and employment data which were below expectations. In response
by infrastructure and technology readiness from front to to the Fed’s policy, Bank Indonesia was recorded as increasing
end. BRI Investment Management periodically prepared HR BI7DRR only once during 2023, where BI7DRR closed at 6.00% at
development plans, monitored and evaluated employees the end of 2023. This increase occurred in October 2023, which was
specifically in each function in order to adapt and prepare estimated to be BI’s step to maintain the stability of the Rupiah.
human resources that can keep up with developments in the Our inflation level was recorded at 2.86% (November 2023). With
Investment Manager industry. For more than 30 years in the existing developments, BI projects GDP was in the range of 4.5% -
Investment Manager Industry, BRI Investment Management 5.3% in 2023.
has consistently applied governance and risk management
as the main key to success to ensure smooth and sustainable The Fed’s attitude of holding interest rates has had a positive
business and operations in order to always maintain customer impact on the domestic financial market, which is reflected
trust and reputation in the long term. in the flow of foreign funds to emerging markets, especially
Indonesia. Overall, during 2023, based on settlement data up
In supporting industrial growth and being responsive to to December 21, 2023, foreigners were recorded as making net
industry’s developments, BRI Investment Management has a purchases of IDR81.40 trillion on the SBN market, net sales of
complete spectrum of investment products that suit various IDR11.61 trillion on the stock market, and net purchases of
customer risk profiles. In 2023, BRI Investment Management IDR52.81 trillion on BI Rupiah Securities ( SRBI). Mutual funds
sharpened its existing products to become flagship products recorded YTD (November 2023) fell 2% due to a decline in
expected to be able to follow the development of the money market and stock mutual funds, but on the other hand
business cycle and suit the character of the retail segment, there were a number of products that recorded growth, such as
including money market seruni money market mutual funds, mixed, protected, fixed income mutual funds, as well as ETFs and
main income jasmine fixed income mutual funds, balanced Indices. BRI Investment Management itself, similar to Industry,
regular mixed mutual funds income fund that distributes also experienced a decline in the same two types of mutual funds
monthly dividends, as well as MSCI Indonesia ESG Screened but recorded growth in other mutual fund products. In total, BRI
index mutual funds. Marketing efforts were supported both by Investment Management mutual fund growth YTD (November
various financial literacy and inclusion activities within the BRI 2023) was 9% with a market share of 6.0% and ranking 5 (five)
group ecosystem and in general carried out intensively and in the Mutual Fund Industry. Meanwhile, regarding the total
through affordable product features for the retail segment. products issued by investment managers which included KPD
In 2023, BRI Investment Management has officially changed and Alternative Investment products, BRI Management grew
its name from PT Danareksa Investment Management to PT around 10% with a market share of around 4.7% - 4.9% and
BRI Investment Management. This change was in line with ranked 8th (eighth).
the effectiveness of majority ownership of PT Bank Rakyat
Indonesia (Persero), Tbk on November 30, 2022. Alignment of Entering 2024, both the United States and Indonesia will
strategies and policies in Group synergy began to be carried hold a democracy party that year. BI projects that Indonesia’s
out intensively in 2023 in various aspects of the Company’s inflation in 2024 will be in the range of 1.5%-3.5% while GDP
business and operations expected to become the Company’s will be at the level of 4.7%-5.5%. The circulation of money in
competitive strength in increasing its contribution to the public consumption spending during the 2024 election period
PT Bank Rakyat Indonesia (Persero) Tbk.
260 2023 Annual Report
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Management Discussion and Analysis
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is expected to support domestic economic growth. With more the authority to take steps to determine policies for handling
stable inflation and interest rates and higher GDP projections volatility, stimulus and/or relaxation for financial services industry
compared to 2023, 2024 is projected to be a year of balance players in the capital market sector. With segmentation into the
between interest rate-based and stock-based mutual funds. BRI retail business, regulatory challenges are at hand considering
Management’s internal research said that considering that in Law no. 27 of 2022 regarding the protection of personal data
2024 there will be a presidential election in the United States, will be effective in October 2024. Strengthening internal control
economic success is very important for the current president so in terms of governance, compliance and risk management will
that the Fed is expected to be able to bring the United States be the main pillar of the business continuity of investment
economy to a soft landing in 2024. As long as the United States managers including BRI Investment Management. This is also in
economy slows regularly and achieves a soft landing, this could line with the implementation of POJK No. 51 of 2017 concerning
be a positive catalyst for riskier assets in developing countries like Sustainable Finance which will begin to be implemented in the
Indonesia. However, despite the positive side of the possibility of investment manager industry in the coming year. For this reason,
a soft landing for the American economy, the main risk that must infrastructure preparation is not only supported from the system
be monitored closely is war in the Middle East, where we all hope side, but also from the side of human resource readiness.
for a peaceful resolution as soon as possible.
In 2024, BRI Investment Management targets growth in managed
In its development after the pandemic ended, a series of funds to IDR50 trillion. Focusing on the retail segment and
regulations were issued by the OJK in 2023, some of which are optimizing group synergy through flagship products will be the
derivatives of Law no. 4 of 2023 which regulates strengthening main strategy in efforts to build a solid business foundation and
supervisory and regulatory relations between institutions in the better maintain business continuity. Several strategic enablers,
financial sector in order to realize Financial System Stability. apart from strengthening internal control as explained above, are
This series of regulations will be a part of investment managers’ continuously increasing HR capacity, strengthening integrated IT
business activities in the future. In the investment management systems and digital infrastructure, as well as strengthening BRI
industry, POJK No. 4 of 2023 related to RD KIK which includes Investment Management branding. This branding strengthening is
OJK’s strategic policies in addressing liquidity issues in mutual in line with the change of the Company’s name to BRI Investment
fund management, conditions that result in mutual fund Management and is carried out both internally and externally to
restructuring, and a number of efforts to develop mutual funds the group. The series of implementation of the BRI Investment
in Indonesia, apart from that, POJK No. 13 of 2023 concerning Management strategy will be in line with increasing financial
policies for maintaining capital market performance and stability literacy and inclusion activities that are more collaborative and
in market conditions that fluctuate significantly, the OJK has integrated.
Revenue and Profitability of Operating Segment
Despite challenging economic conditions both globally and MSME segment, especially micro, which is the main segment in
domestically, high interest rates and challenges from natural the economic movement Indonesia.
conditions such as El-Nino, BRI was able to continue its good
performance in 2023. In general, BRI’s profit was able to record The growth of the Company’s net Income cannot be separated
growth in consolidated net profit of IDR60.42 trillion or growing from the optimization of NII which was recorded at IDR135.18
17.5% annually, all segments contributed positive profits and trillion or grew 8.5% yoy and the Company’s ability to efficiently
the largest was in the micro segment IDR22.47 trillion. This is in and effectively use costs as reflected in the 2023 CIR ratio of
line with BRI’s aspirations to increasingly focus on growth in the 41.9% or lower than in 2022 of 44.9%
Table of Revenue and Profitability Operating Segments in 2023 (in IDR million)
2023
Description
Micro Retail Corporate Others Subsidiary Total
Interest and premium income
61,646,907 28,530,291 3,999,095 13,907,277 29,580,953 137,664,523
- net
Other operating income 17,639,356 16,102,050 4,982,366 3,844,328 3,057,685 45,625,785
Total Income 79,286,263 44,632,341 8,981,461 17,751,605 32,638,638 183,290,308
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 261
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2023
Description
Micro Retail Corporate Others Subsidiary Total
Other operating expense (31,050,020) (22,253,560) (2,053,648) (1,607,462) (19,817,601) (76,782,291)
Provision for impairment
(20,474,879) (13,506,061) 7,888,285 (427,517) (3,159,108) (29,679,280)
losses
Total Expenses (51,524,899) (35,759,621) 5,834,637 (2,034,979) (22,976,709) (106,461,571)
Non-operating income
(20,591) (77,380) (48,903) (377,093) 124,942 (399,025)
(expenses) – net
Income before tax exposure 27,740,773 8,795,340 14,767,195 15,339,533 9,786,871 76,429,712
Tax Year (5,270,747) (1,671,115) (2,872,313) (4,104,717) (2,085,772) (16,004,664)
Current year profit 22,470,026 7,124,225 11,894,882 11,234,816 7,701,099 60,425,048
Asest Segment
Loan-Gross 496,554,160 442,703,668 197,696,204 - 60,798,674 1,197,752,706
Non Loans-Gross - - 74,146,859 632,429,871 133,243,664 839,820,394
Total Asset-Netto 468,573,573 418,508,640 244,435,173 632,353,605 185,530,577 1,949,401,568
Segmen Liability
Funding 373,473,514 488,122,102 491,087,384 - 5,645,761 1,358,328,761
Non funding - - 16,334,296 151,222,833 122,648,998 290,206,127
Total Liability 373,473,514 488,122,102 507,421,680 151,222,833 128,294,759 1,648,534,888
Table of Revenue and Profitability Operating Segments in 2022 (in IDR million)
2022
Description
Micro Retail Corporate Others Subsidiary Total
Interest and premium
59,395,789 30,128,931 (1,777,679) 12,971,032 25,755,474 126,473,547
income - net
Other operating income 13,689,096 15,553,855 3,593,099 3,879,051 2,412,593 39,127,694
Total Income 73,084,885 45,682,786 1,815,420 16,850,083 28,168,067 165,601,241
Other operating expense (34,395,404) (18,746,771) (1,884,810) (1,237,497) (18,051,530) (74,316,012)
Provision for impairment
(8,779,414) (17,073,704) 1,292,897 996,230 (3,415,201) (26,979,192)
losses
Total expense (43,174,818) (35,820,475) (591,913) (241,267) (21,466,731) (101,295,204)
Non operating income
30,762 179,332 78,689 (11,879) 13,760 290,664
(expense)- net
Income before tax expense 29,940,829 10,041,643 1,302,196 16,596,937 6,715,096 64,596,701
Tax expense (3,892,308) (2,164,708) (479,226) (5,055,150) (1,597,102) (13,188,494)
Current year profit 26,048,521 7,876,935 822,970 11,541,787 5,117,994 51,408,207
PT Bank Rakyat Indonesia (Persero) Tbk.
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2022
Description
Micro Retail Corporate Others Subsidiary Total
Asset segment
Loan 449,626,718 399,555,810 173,787,061 - 56,305,230 1,079,274,819
Provision for impairment
(23,499,725) (26,981,604) (34,097,491) - (3,745,011) (88,323,830)
losses
Non Loan 53,908,457 688,411,805 120,305,966 862,626,228
CKPN Non Kredit (1,775,379) (92,364) (4,783,458) 6,651,201
Liabilitas segment
Financing 367,656,835 469,090,526 464,028,257 - 7,108,395 1,307,884,013
Non Funding 13,553,325 128,737,434 112,068,921 254,359,680
367,656,835 469,090,526 477,581,582 128,737,434 119,177,316 1,562,243,693
Table of Revenue Growth and Profitability of Operating Segment in 2023-2022 (in %)
Growth 2022-2023
Description
Micro Retail Corporate Others Subsidiary Total
Interest and premium income
3.79% (5.31%) 324.96% 7.22% 14.85% 8.85%
- net
Other operating income 28.86% 3.52% 38.66% (0.90%) 26.74% 16.61%
Total Income 8.49% (2.30%) 394.73% 5.35% 15.87% 10.68%
Other operating expense (9.73%) 18.71% 8.96% 29.90% 9.78% 3.32%
Provision for impairment
133.21% (20.90%) 510.12% (142.91%) (7.50%) 10.01%
losses
Total expense 19.34% (0.17%) (1.085.73%) 743.46% 7.03% 5.10%
Non operating income
(166.94%) (143.15%) (162.15%) 3.074.45% 808.01% (237.28%)
(expense)- net
Income before tax expense (7.35%) (12.41%) 1.034.02% (7.58%) 45.74% 18.32%
Tax expense 35.41% (22.80%) 499.37% (18.80%) 30.60% 21.35%
Current year profit (13.74%) (9.56%) 1.345.36% (2.66%) 50.47% 17.54%
Asset segment
Loan 10.44% 10.80% 13.76% 0.00% 7.98% 10.98%
Provision for impairment losses 19.07% (10.33%) (27.17%) 0.00% (22.18%) (9.51%)
Non Loan 0.00% 0.00% 37.54% (8.13%) 10.75% (2.64%)
CKPN Non Kredit 0.00% 0.00% 44.96% (17.43%) 17.02% 24.00%
Liabilitas segment
Financing 1.58% 4.06% 5.83% 0.00% (20.58%) 3.86%
Non Funding 0.00% 0.00% 20.52% 17.47% 9.44% 14.09%
1.58% 4.06% 6.25% 17.47% 7.65% 5.52%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 263
Page 266
Geographic Segmen
Geographic Segment Explanation
The geographical segment includes provision of products or Company’s focus on further optimizing the potential that exists
services within a particular economic environment with different within the country. It was recorded that until the end of 2022,
risks and returns compared to other operating segments in performance in the Indonesian region experienced good annual
other economic environments. BRI’s geographical segments growth where recorded assets grew 5.39%, income grew 10.80%
are Indonesia, United States of America, Hong Kong, Singapore, and profit before tax 18.64%. The Company is recorded as having
Timor Leste and Taiwan. six work units located in 5 (five) overseas regions to capture
existing business opportunities. All of the Company’s work units
Productivity, Income and Profit of Geographic located outside Indonesia managed to record positive growth in
Segments assets and income even though there was a slight decrease in
income in several work units. due to the impact of the Covid-19
In terms of performance, based on geography, the Indonesian pandemic which has not yet fully recovered in the region.
region occupies the main composition, indeed this is due to the
Table of Productivity, Income and Profit of Geographic Segments (in IDR million)
Growth
Description 2023 2022
(IDR) (%)
INCOME
Indonesia 182,635,153 164,840,457 17,794,496 10.79%
United States of America 203,615 397,108 (193,493) (48.73%)
Singapore 230,848 245,748 (14,900) (6.06%)
Timor Leste 155,785 101,667 54,118 53.23%
Hong Kong 20,423 14,223 6,200 43.59%
Taiwan 44,484 2,038 42,446 2.082.73%
Total Income 183,290,308 165,601,241 17,689,011 10.68%
INCOME BEFORE TAX EXPENSE
Indonesia 76,060,127 64,111,292 11,948,834 18.64%
United States of America 63,686 320,147 (256,461) (80.11%)
Singapore 181,470 135,024 46,446 34.40%
Timor Leste 109,877 54,946 54,931 99.97%
Hong Kong 161 122 39 31.97%
Taiwan 14,391 (24,830) 39,221 (157.96%)
Total Income Before Tax Expense 76,429,712 64,596,701 11,833,011 18.32%
ASSET
Indonesia 1,885,581,840 1,789,162,542 96,419,298 5.39%
United States of America 26,087,423 27,856,321 (1,768,898) (6.35%)
Singapore 28,980,347 25,069,385 3,910,962 15.60%
Timor Leste 6,114,107 4,256,142 1,857,965 43.65%
Hong Kong 24,232 17,982 6,250 34.76%
PT Bank Rakyat Indonesia (Persero) Tbk.
264 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
(IDR) (%)
Taiwan 2,613,619 563,644 2,049,975 363.70%
Total Income Before Tax Expense 1,949,401,568 1,846,926,016 102,475,552 5.55%
LIABILITY
Indonesia 1,585,649,437 1,504,449,309 81,200,128 5.40%
United States of America 26,148,777 28,000,956 (1,852,179) (6.61%)
Singapore 28,855,880 25,168,981 3,686,899 14.65%
Timor Leste 5,792,144 4,020,492 1,771,652 44.07%
Hong Kong 6,467 4,257 2,210 51.91%
Taiwan 2,082,183 599,698 1,482,485 247.21%
Total Liability 1,648,534,888 1,562,243,693 86,291,195 5.52%
National Strategic Projects (PSN) or
Other Assignments
Kredit Usaha Rakyat (KUR)
KUR (Kredit Usaha Rakyat – People’s Business Loan) is a loan/ carries out social duties as a coach for micro and small businesses
financing for working capital and/or investment to individual in the form of access to capital and assistance so that in the end
debtors, business entities and/or business groups that are productive they can be independent or switch to KUR or commercial loans. The
and viable but do not have additional collateral or the additional MSEs Funding Program is provided strictly for productive business
collateral is not sufficient. BRI KUR distribution is based on the purposes in an effort to empower Micro and Small Enterprises.
Regulation of the Coordinating Minister for Economic Affairs of the
Republic of Indonesia No. 1 of 2023 concerning Amendments to On the internal side of BRI, there is a change in the business model
the Regulation of the Coordinating Minister for Economic Affairs of of the MSEs Funding Program in 2021 with the previous year’s
the Republic of Indonesia Number 1 of 2022 concerning Guidelines partnership loan. Until 2020, partnership loans were under the Small
for Implementing People’s Business Credit. On November 15, 2023 and Medium Directorate, with the following business model:
based on a letter from the Coordinating Ministry for Economic - Customers in the partnership loan segment were business
Affairs of the Republic of Indonesia Deputy for Macroeconomic and actors who were feasible but not yet bankable.
Financial Coordination No. PK.KUR/213/D.I.M.EKON/11/2023, the - The loan initiative was carried out by the RM Program.
Financing Policy Committee for MSMEs decided to adjust the BRI - The maximum partnership loan ceiling at that time was
KUR ceiling to remain at IDR194.40 trillion, and the target for new IDR75 million.
KUR debtors in 2023 for BRI was at least 1,363,225 debtors. BRI’s
Micro KUR distribution in 2023 was IDR140.2 trillion below the According to Minutes of Handover No. B.10-SSM/01/2021 Dated
Government’s target of IDR194.40 trillion, this was because BRI January 15, 2021, for Partnership Loans currently referred to as
focused on growing Kupedes (shifting back to Kupedes) in 2023. the MSEs Funding Program (PUMK) realized starting in 2021 and
was the responsibility of the Micro Directorate, with the following
Micro and Small Enterprises Funding business model:
Program (PUMK) - MSEs Funding Program segment customers are business
actors who were feasible but not yet bankable who met the
The implementation of the Social and Environmental Responsibility MSEs Funding Program requirements.
program carried out in the form of financing to MSEs is called the - The MSEs Funding Program was distributed through the BRI
MSEs Funding Program (PUMK) or in previous years it was called Unit which was initiated by the Loan analysts.
the Partnership Loan Program. This MSEs funding (PUMK) is a - The maximum ceiling for MSEs Funding Program was IDR50
Government policy implemented by all SOEs with the aim that million/debtor.
SOEs, in addition to carrying out their business operations, also
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 265
Page 268
The MSEs Funding Program became a journey so that MSEs Distribution of Social Assistance. In 2023 there will be 3 (three)
Funding Program’s fostered partners could later become entry types of social assistance distributed, including:
level KUR debtors so that in the future their business could 1. Program Keluarga Harapan Social Assistance (PKH Social
continue to grow and could become a potential pipe line for Assistance)
commercial loans. Distribution of the MSEs Funding Program Distributed to 3.24 million Beneficiary Families (KPM) with
as of December 31, 2022 reached 15,176 fostered partners, total assistance of IDR9.12 trillion.
with a nominal value of IDR259.8 billion. Meanwhile, the total 2. Basic Food Assistance
distribution of MSEs Funding Program in 2023 reached IDR872.6 Distributed to 5.41 million Beneficiary Families (KPM) with
billion with a total of 30,871 fostered partners. total assistance of IDR12.65 trillion.
3. El Nino Direct Cash Assistance (BLT)
Social Assistance (BANSOS) Distributed to 5.1 million Beneficiary Families (KPM) with
total assistance of IDR2 trillion.
The Ministry of Social Affairs of the Republic of Indonesia
collaborates with BRI in distributing Social Assistance, this So the total aid distributed from the 3 (three) types of aid (PKH
collaboration is based on Presidential Regulation of the Social Assistance, Basic Food Social Assistance and El Nino BLT)
Republic of Indonesia Number 63 of 2017 concerning Non-Cash is IDR23.8 trillion.
FINANCE DIRECTORATE PERFORMANCE SUMMARY
budgeting and performance management processes and
The Finance Directorate has an important role in running
governance, including the determination of Key Performance
the BRI organization, including preparing corporate strategy
Indicators. The reliability of financial reports continues to be
and Key Performance Indicators (KPIs), fulfilling the core
refined, demonstrated by the maintenance of ISO 9001:2015
responsibilities of financial functions starting from the budget
standard certification in Audit Surveillance for Design of
planning process to reporting accuracy, managing assets and
Accounting Policy and Accounting Control, Preparation and
liabilities, as well as managing subsidiary business strategies to
Verification of Published Financial Statements, Management
encourage optimization of Subsidiary Entity contributions. In line
Accounting and Analysis, Tax Policy and Operation, Internal
with this, during 2023 BRI has recorded positive performance
and External Reporting.
amidst uncertain global economic conditions as demonstrated
by achieving good financial performance and maintained bank
health figures. This financial performance was reflected in the In addition, profitability assessments were more granular down
achievement of the Company’s financial targets such as profit, to the product level, making every element at BRI increasingly
Pre-Provision Operating Profit/PPOP (nominal and growth yoy), focused on achieving performance. Product management was
Return on Equity (ROE), Loan at Risk (LAR), and other financial carried out in an adaptive and innovative manner by considering
performance. aspects of consumer protection and strengthening risk
management in the planning, launching, monitoring and product
In addition, BRI is currently managing 10 (ten) subsidiaries evaluation processes. Furthermore, the Finance Directorate
as part of the BRI Group conglomerate which is also showing also played a role in developing a more robust organizational
positive performance. This condition is indicated by the structure and job description as enablers in achieving BRI’s goals.
growth of subsidiary assets which grew by 10.15% yoy or To improve the quality of the role and responsibilities of the
had a composition of 9.62% of total consolidated assets, in Finance Directorate, during 2023, internal strategic initiatives
addition to that, aggregate subsidiary profits were able to had also been implemented that focused on strengthening
grow by 39.65% yoy or had a composition equivalent to 12.09 enablers’ capabilities and improving business processes. These
% of total consolidated profit recorded was higher than the included the implementation of several New Finance System
previous period of 10.18%. The proud performance of the BRI PaPM and FPSL modules, BRI Price, and others. This aimed
Group provides a positive signal for the market so that by the to support the preparation and implementation of effective,
end of 2023, BRI’s market capitalization could reach IDR 867.7 efficient and quality strategies to encourage improvements in
trillion, growing by 15.9% yoy. All of BRI’s target achievements BRI’s performance.
cannot be separated from the implementation of good
PT Bank Rakyat Indonesia (Persero) Tbk.
266 2023 Annual Report
Page 269
Management Discussion and Analysis
on Bank Performance
Financial
Review
The financial review described below refers to the Financial Report fairly in all material respects, the consolidated financial position
for the years ending December 31, 2023 and 2022 which are of PT Bank Rakyat Indonesia (Persero) Tbk and its subsidiaries
presented in this Annual Report. The Financial Statements have as of December 31, 2023, as well as its consolidated financial
been audited by the Public Accounting Firm Purwanto, Sungkoro, performance and cash flows for the year ended on that date, in
and Surja (Member of Ernst and Young Global) which states accordance with Indonesian Financial Accounting Standards.
the opinion that the consolidated financial statements present
Financial Performance
The Company’s financial performance consists of performance of Consolidated Statement of Financial Position, Statement of Profit Loss
and Other Comprehensive Income as well as Statement of Consolidated Cash flow are presented below.
Consolidated Statement of Financial Position
Table of Consolidated Statement of Financial Position (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
ASSET
Cash 31,603,784 27,407,478 4,196,306 15.31%
Current accounts with Bank Indonesia 101,909,121 150,935,150 (49,026,029) (32.48%)
Current accounts with Other Banks 22,331,919 21,488,434 843,485 3.93%
Allowance for impairment losses (9,984) (18,577) 8,593 (46.26%)
22,321,935 21,469,857 852,078 3.97%
Placement with Bank Indonesia and Other
65,225,260 70,401,901 (5,176,641) (7.35%)
Financial Institutions
Allowance for impairment losses (1,860) (1,981) 121 (6.11%)
65,223,400 70,399,920 (5,176,520) (7.35%)
Securities 331,091,304 330,324,818 766,486 0.23%
Allowance for impairment losses (81,510) (82,835) 1,325 (1.60%)
331,009,794 330,241,983 767,811 0.23%
Export Bills and Other Receivables 53,895,404 39,067,375 14,828,029 37.96%
Allowance for impairment losses (2,323,916) (1,638,929) (684,987) 41.79%
51,571,488 37,428,446 14,143,042 37.79%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 267
Page 270
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Securities Purchased Under Agreement to
33,595,231 51,014,678 (17,419,447) (34.15%)
Resell
Derivative Receivables 911,683 911,405 278 0.03%
Loans 1,197,752,706 1,079,274,819 118,477,887 10.98%
Allowance for impairment losses (79,924,211) (88,323,830) 8,399,619 (9.51%)
1,117,828,495 990,950,989 126,877,506 12.80%
Sharia Loans 13,668,220 10,514,329 3,153,891 30.00%
Allowance for impairment losses (1,093,762) (1,286,203) 192,441 (14.96%)
12,574,458 9,228,126 3,346,332 36.26%
Finance Receivables 55,008,321 49,287,917 5,720,404 11.61%
Allowance for impairment losses (4,483,915) (3,477,948) (1,005,967) 28.92%
50,524,406 45,809,969 4,714,437 10.29%
Acceptances Receivables 10,217,408 7,167,600 3,049,808 42.55%
Allowance for impairment losses (249,698) (136,536) (113,162) 82.88%
9,967,710 7,031,064 2,936,646 41.77%
Investment in Associated Entities 7,308,167 6,515,095 793,072 12.17%
Allowance for impairment losses (2,676) (8,192) 5,516 (67.33%)
7,305,491 6,506,903 798,588 12.27%
Premises and Equipment
Cost 81,463,777 73,951,201 7,512,576 10.16%
Accumulated Depreciation (21,785,658) (18,735,154) (3,050,504) 16.28%
Book value - net 59,678,119 55,216,047 4,462,072 8.08%
Deferred Tax Assets - net 15,605,462 18,712,994 (3,107,532) (16.61%)
Other Assets - net 53,376,453 42,374,001 11,002,452 25.97%
TOTAL ASSETS 1,965,007,030 1,865,639,010 99,368,020 5.33%
LIABILITIES AND EQUITY
LIABILITIES
Liabilities Due Immediately 30,651,807 24,910,579 5,741,228 23.05%
Deposits from Customers
Demand Deposits 346,124,372 349,755,590 (3,631,218) (1.04%)
Saving Deposits 527,945,550 522,647,920 5,297,630 1.01%
Time Deposits 484,258,839 435,480,503 48,778,336 11.20%
1,358,328,761 1,307,884,013 50,444,748 3.86%
Deposits from Other Banks and Financial
11,958,319 9,334,547 2,623,772 28.11%
Institutions
Securities Sold Under Agreement to
19,079,458 9,997,592 9,081,866 90.84%
Repurchase
PT Bank Rakyat Indonesia (Persero) Tbk.
268 2023 Annual Report
Page 271
Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Derivative Payables 925,210 783,921 141,289 18.02%
Acceptances Payable 10,217,408 7,167,600 3,049,808 42.55%
Taxes Payable 2,546,839 3,053,782 (506,943) (16.60%)
Marketable Securities Issued 49,637,581 63,611,761 (13,974,180) (21.97%)
Fund Borrowings 98,850,813 79,371,200 19,479,613 24.54%
Estimated Losses on Commitments and
6,117,768 6,458,343 (340,575) (5.27%)
Contingencies
Liabilities for Employee Benefits 23,059,624 21,296,487 1,763,137 8.28%
Other Liabilities 36,664,617 27,871,880 8,792,737 31.55%
Subordinated Loans and Marketable
496,683 501,988 (5,305) (1.06%)
Securities
TOTAL LIABILITIES 1,648,534,888 1,562,243,693 86,291,195 5.52%
EQUITY
Capital stock 7,577,950 7,577,950 - 0.00%
Additional paid-in-capital 75,853,127 75,637,083 216,044 0.29%
Revaluation surplus arising from premises
20,216,505 20,267,952 (51,447) (0.25%)
and equipment - net of tax
Differences arising from the translation of
(253,744) (127,954) (125,790) 98.31%
foreign currency financial statements
Unrealized gain (loss) on fair value through
other comprehensive income securities - (2,221,745) (4,464,483) 2,242,738 (50.24%)
net of deferred tax
Allowance for impairment losses on fair
value through other comprehensive income 128,230 139,978 (11,748) (8.39%)
securities
Gain/(loss) on remeasurement of defined
(2,134,699) (689,473) (1,445,226) 209.61%
benefit plan - net of deferred tax
Treasury Stock (3,614,321) (2,202,178) (1,412,143) 64.12%
Stock Option 54,769 16,356 38,413 234.86%
Provision for bonus shares compensation 287,482 210,266 77,216 36.72%
Impact of transaction with non-controlling
1,758,580 1,758,580 - 0.00%
interest
Retained earnings
Appropriated 3,022,685 3,022,685 - 0.00%
Unappropriated 210,688,737 198,147,249 12,541,488 6.33%
Total Retained Earnings 213,711,422 201,169,934 12,541,488 6.23%
Total Equity Attributable to Equity Holders
311,363,556 299,294,011 12,069,545 4.03%
of the Parent Entity
Non-controlling Interest 5,108,586 4,101,306 1,007,280 24.56%
TOTAL EQUITY 316,472,142 303,395,317 13,076,825 4.31%
TOTAL LIABILITIES AND EQUITY 1,965,007,030 1,865,639,010 99,368,020 5.33%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 269
Page 272
Graph of Consolidated Statement of Financial Position
(in IDR trillion)
1,865.64
1,965.01
1,562.25
1,648.53
303.40
316.47
Assets Liabilities Equity
2022 2023
Assets
Assets in 2023 reached IDR1,965.01 trillion, an increase of 5.33% compared to 2022 which reached IDR1,865.64 trillion. This increase in
assets was driven primarily by productive assets, namely loans and financing, which rose by 11.18% yoy or up IDR127.35 trillion, securities
rose 0.23% yoy or up IDR766.49 billion.
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Cash 31,603,784 27,407,478 4,196,306 15.31%
Current accounts with Bank Indonesia 101,909,121 150,935,150 (49,026,029) (32.48%)
Current accounts with Other Banks 22,331,919 21,488,434 843,485 3.93%
Allowance for impairment losses (9,984) (18,577) 8,593 (46.26%)
22,321,935 21,469,857 852,078 3.97%
Placement with Bank Indonesia and Other
65,225,260 70,401,901 (5,176,641) (7.35%)
Financial Institutions
Allowance for impairment losses (1,860) (1,981) 121 (6.11%)
65,223,400 70,399,920 (5,176,520) (7.35%)
Securities 331,091,304 330,324,818 766,486 0.23%
Allowance for impairment losses (81,510) (82,835) 1,325 (1.60%)
331,009,794 330,241,983 767,811 0.23%
Export Bills and Other Receivables 53,895,404 39,067,375 14,828,029 37.96%
Allowance for impairment losses (2,323,916) (1,638,929) (684,987) 41.79%
51,571,488 37,428,446 14,143,042 37.79%
Securities Purchased Under Agreement to
33,595,231 51,014,678 (17,419,447) (34.15%)
Resell
Derivative Receivables 911,683 911,405 278 0.03%
Loans 1,197,752,706 1,079,274,819 118,477,887 10.98%
PT Bank Rakyat Indonesia (Persero) Tbk.
270 2023 Annual Report
Page 273
Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Allowance for impairment losses (79,924,211) (88,323,830) 8,399,619 (9.51%)
1,117,828,495 990,950,989 126,877,506 12.80%
Sharia Loans 13,668,220 10,514,329 3,153,891 30.00%
Allowance for impairment losses (1,093,762) (1,286,203) 192,441 (14.96%)
12,574,458 9,228,126 3,346,332 36.26%
Finance Receivables 55,008,321 49,287,917 5,720,404 11.61%
Allowance for impairment losses (4,483,915) (3,477,948) (1,005,967) 28.92%
50,524,406 45,809,969 4,714,437 10.29%
Acceptances Receivables 10,217,408 7,167,600 3,049,808 42.55%
Allowance for impairment losses (249,698) (136,536) (113,162) 82.88%
9,967,710 7,031,064 2,936,646 41.77%
Investment in Associated Entities 7,308,167 6,515,095 793,072 12.17%
Allowance for impairment losses (2,676) (8,192) 5,516 (67.33%)
7,305,491 6,506,903 798,588 12.27%
Premises and Equipment
Cost 81,463,777 73,951,201 7,512,576 10.16%
Accumulated Depreciation (21,785,658) (18,735,154) (3,050,504) 16.28%
Book value - net 59,678,119 55,216,047 4,462,072 8.08%
Deferred Tax Assets - net 15,605,462 18,712,994 (3,107,532) (16.61%)
Other Assets - net 53,376,453 42,374,001 11,002,452 25.97%
TOTAL ASSET 1,965,007,030 1,865,639,010 99,368,020 5.33%
Cash
Cash in 2023 reached IDR31.60 trillion, an increase of 15.31% compared to 2022 which was IDR27.41 trillion. The increase in total cash
was influenced by the Rupiah currency which grew IDR4.20 trillion or 15.31%, this is in line with BRI’s operational needs.
Table of Cash (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Rupiah 29,764,399 25,980,803 3,783,596 14.56%
Foreign currency
United States Dollar 1,229,799 645,965 583,834 90.38%
Singaporean Dollar 181,540 206,765 (25,225) (12.20%)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 271
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Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
European Euro 61,684 167,307 (105,623 (63.13%)
Australian Dollar 67,749 138,796 (71,047) (51.19%)
Malaysian Ringgit 41,489 110,447 (68,958) (62.44%)
Saudi Arabian Riyal 188,217 63,512 124,705 196.35%
Great Britain Pound Sterling 11,839 25,567 (13,728) (53.69%)
United Arab Emirates Dirham 11,811 22,592 (10,781) (47.72%)
Hong Kong Dollar 5,183 9,094 (3,911) (43.01%)
Bruneian Dollar 5,270 9,355 (4,085) (43.67%)
New Zealand Dollar 2,024 5,669 (3,645) (64.30%)
Japanese Yen 9,110 5,020 40,90 81.47%
Canadian Dollar 3,183 4,042 (859) (21.25%)
Renminbi 6,070 4,020 20,50 51.00%
Swiss Franc 10,633 4,020 6,613 26.31%
Phillipine Peso 1,257 1,698 (441) (25.97%)
Thailand Baht 838 1,477 (639) (43.26%)
Vietnamese Dong 266 593 (327) (55.14%)
New Taiwanese Dollar 869 292 577 197.60%
South Korean Won 327 245 82 33.47%
Indian Rupee 135 113 22 19.47%
Papua New Guinean Kina 92 86 6 6.98%
1,839,385 1,426,675 412,710 28.93%
Total 31,603,784 27,407,478 4,196,306 15.31%
Current Accounts with Bank Indonesia
Current accounts with Bank Indonesia (BI) in 2023 reached IDR101.90 trillion, down 32.48% compared to 2022 which reached IDR150.94
trillion. This decrease is in line with the incentive to reduce GWM by 2.95% from the end of December 2023, higher than December
2022 by 2%. This incentive was received by the Company for its positive contribution in lending to priority sectors determined by Bank
Indonesia.
Table of Current Account with Bank Indonesia (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Rupiah 93,630,203 141,071,603 (47,441,400) (33.63%)
United States Dollar 8,278,918 9,863,547 (1,584,629) (16.07%)
Total 101,909,121 150,935,150 (49,026,029) (32.48%)
PT Bank Rakyat Indonesia (Persero) Tbk.
272 2023 Annual Report
Page 275
Management Discussion and Analysis
on Bank Performance
Current Accounts with Other Banks
Current accounts with other banks in 2023 reached IDR22.33 trillion, an increase of 3.93% yoy compared to 2022 of IDR21.49 trillion.
This increase was contributed by third party foreign currency which rose 5.63% yoy, this increase was in the context of optimizing liquidity
and interbank transaction operational activities.
Table of Current Accounts with Other Banks Based on Foreign Currency (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Third Party
Rupiah 269,629 328,752 (59,123) (17.98%)
Foreign currency 21,614,031 20,461,704 1,152,327 5.63%
Related Parties
Rupiah 414,931 670,798 (255,867) (38.14%)
Foreign currency 33,328 27,180 6,148 22.62%
Total 22,331,919 21,488,434 843,485 3.93%
Allowance for impairment losses (9,984) (18,577) 8,593 (46.26%)
Total - Net 22,321,935 21,469,857 852,078 3.97%
Placements with Bank Indonesia and Other Financial Institutions
Placements with Bank Indonesia and other financial institutions in 2023 reached IDR65.22 trillion, down 7.35% yoy compared to 2022
which reached IDR70.40 trillion. This decrease was due to a decrease in placements in the form of United States Dollars to the central
bank which fell by 46.16% yoy or decreased by IDR15.84 trillion in order to adjust the need for transactions in foreign currencies which
were not as large as the Rupiah.
Table of Placements with Bank Indonesia and Other Financial Based on Type and Currency (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Third Party
Rupiah
Bank Indonesia 30,440,561 20,869,473 9,571,088 45.86%
Inter-bank call money 2,030,000 1,050,000 980,000 93.33%
Time Deposits 576,020 637,059 (61,039) (9.58%)
Deposit on Call - - - -
Dollar United States of America
Bank Indonesia 18,476,400 34,319,160 (15,842,760) (46.16%)
Inter-bank call money 8,442,491 8,102,368 340,123 4.20%
Time Deposits 299,469 17,089 282,380 1.652.41%
Deposit on Call 1,924,625 1,790,262 134,363 7.51%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 273
Page 276
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Euro Eropa
Inter-bank call money - 563,778 (563,778) (100.00%)
62,297,819 67,349,188 (5,051,369) (7.50%)
Related Parties
Rupiah
Inter-bank call money 200,000 200,000 - 0.00%
Time Deposits 933,662 673,263 260,399 38.68%
Dollar United States of America
Inter-bank call money 1,770,655 2,179,450 (408,795) (18.76%)
Time Deposits 23,124 - 23,124 100.00%
Dolar Singapura
Inter-bank call money -
2,927,441 3,052,713 (125,272) (4.10%)
Total 65,225,260 70,401,901 (5,176,641) (7.35%)
Allowance for impairment losses nilai (1,860) (1,981) 121 (6.11%)
Net 65,223,400 70,399,920 (5,176,519) (7.35%)
Securities
Securities in 2023 reached IDR331.09 trillion, relatively flat, grew by 0.23% compared to 2022 which reached IDR330.24 trillion. This
flat growth was contributed by a decrease in amortized cost classification effects of 8.23% yoy or a decrease of IDR13.05 trillion, this
decrease was mainly in the context of optimizing the portfolio for assets that have a more optimal yield, in this case the credit provided,
in addition to the decrease This is to provide flexibility for liquidity because the composition of securities will be further upgraded to fair
value classification through comprehensive income.
Table of Securities Based On Their Remaining Period to Maturity (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Third Party 74,551,023 44,013,526 30,537,497 69.38%
Related Parties 256,540,281 286,311,292 (29,771,011) (10.40%)
Total 331,091,304 330,324,818 766,486 0.23%
Allowance of impairment losses (81,510 (82,835) 1,325 (1.60%)
Net 331,009,794 330,241,983 767,811 0.23%
Export Bills and Others Receivable Net
Export bills and other bills in 2023 reached IDR53.90 trillion, an increase of 37.96% compared to 2022 of IDR39.06 trillion. The increase in
export bills and other receivables was in line with the recovery of activities related to export-import and other trade finance transactions
after previously experiencing a slowdown due to the impact of Covid-19.
PT Bank Rakyat Indonesia (Persero) Tbk.
274 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
Security Purchased Under Agreement to Resell Loans and Financing Provided
Securities purchased with promises to resell in 2023 reached Credit and financing provided by BRI on a consolidated basis
IDR33.59 trillion, a decrease of 34.15% yoy compared to 2022 in 2023 reached IDR1,226.43 trillion, an increase of 11.18%
which reached IDR51.01 trillion. The reduction in securities yoy compared to 2022 which reached IDR1,139.08 trillion. This
purchased with an agreement to resell is the Company’s strategy increase in credit was mainly driven by BRI Only credit which
to diversify income and optimize interest income by diverting it to grew by 11.29% yoy or IDR116.29 trillion, which was mainly
other productive assets, especially loans provided. contributed by the micro segment which grew very well by
10.44% yoy or IDR46.93 trillion. From the subsidiary side, it also
Derivative Receivables contributed positively with the highest nominal growth in order
contributed by Pegadaian at 14.43% yoy or IDR8.52 trillion, PNM
Derivative receivables in 2023 reached IDR911.68 billion, at 10.58% yoy or IDR4.51 trillion, and BRI Finance at 17.98% or
relatively flat, grew slightly by 0.03% yoy compared to 2022 IDR1.21 trillion .
which reached IDR911.40 billion or an increase of IDR278.20
billion due to IRS transactions. Derivative transactions are carried By segmentation, the micro and ultra micro segments grew by
out for hedging purposes and also to manage the Bank’s liquidity. 10.88% yoy or IDR60.00 trillion with a composition of 48.26% of
Derivative receivables are recognized because there is an increase total loans. This growth is in line with the Company’s strategy to
in the fair value of the derivative at the reporting date compared continue to grow in the MSME segment, especially the micro and
to the contract value. ultra micro segments.
Tabel of Consolidated Total Loans and Financing (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Disbursed Loans 1,197,752,706 1,079,274,819 118,477,887 10.98%
Sharia Loans 13,668,220 10,514,329 3,153,891 30.00%
Financing Lease Receivables 55,008,321 49,287,917 5,720,404 11.61%
Total Loans and Financing Provided
1,266,429,247 1,139,077,065 127,352,182 11.18%
(Gross)
Minus reserves (85,501,888) (93,087,981) (7,586,093) (8.15%)
Net 1,180,927,359 1,045,989,084 134,938,275 12.90%
Acceptance Receivable Fixed Assets
The acceptance bill in 2023 reached IDR10.22 trillion, a Fixed assets in 2023 reached IDR81.46 trillion, an increase of
significant increase of 42.55% compared to 2022 which reached 10.16% yoy compared to 2022 which reached IDR73.95 trillion.
IDR7.17 trillion. The increase in acceptance bills is in line with This increase was mainly due to additional buildings amounting
the recovery of activities related to imports and exports and to IDR1.93 trillion, as well as additional computer hardware and
other trade finance transactions after previously experiencing a software amounting to IDR3.75 trillion.
slowdown due to the impact of Covid-19.
Deffered Tax Assets – Net
Share Participation
Deferred tax assets - net in 2023 reached IDR15.61 trillion,
Share participation in 2023 reached IDR7.31 trillion, an increase a decrease of 16.61% yoy compared to 2022 which reached
of 12.17% yoy compared to 2022 which reached IDR6.52 trillion. IDR18.71 trillion. This decrease was driven by the Reserve for
The dominant factor in the increase came from the equity Productive Asset Losses (CKPN) post which decreased by IDR3.00
method’s recognition of profits from associated entities in trillion, this is in line with the increase in reserves carried out by
accordance with the percentage of BRI ownership, namely PT the Company in order to mitigate risks for possible worsening of
Bank Syariah Indonesia and PT Bahana Artha Ventura. the risks of the productive assets owned.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 275
Page 278
Other Assets – Net Liabilities
Other assets - net in 2023 reached IDR53.38 trillion, an increase Liabilities in 2023 reached IDR1,648.54 trillion, an increase of
of 25.97% yoy compared to 2022 which reached IDR42.37 trillion. 5.52% yoy compared to 2022 which reached IDR1,562.24 trillion.
Of the total increase in other assets of 25.97%, it was caused by This increase was mainly contributed by customer deposits
an increase in prepaid costs of IDR5 trillion, mainly from Kupedes which increased by 3.86% yoy or an increase of IDR50.44 trillion.
and KUR credit insurance premiums and the existence of Bank Customer deposits had the largest contribution to total liabilities
Indonesia’s Term Deposit for Foreign Exchange Export Proceeds recorded at 82.40%.
(TD Currency DHE) product which increased by IDR5.8 trillion
which will be launched in 2023.
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Liabilities Due Immediately 30,651,807 24,910,579 5,741,228 23.05%
Deposits from Customers
Demand Deposits 346,124,372 349,755,590 (3,631,218) (1.04%)
Saving Deposits 527,945,550 522,647,920 5,297,630 1.01%
Time Deposits 484,258,839 435,480,503 48,778,336 11.20%
1,358,328,761 1,307,884,013 50,444,748 3.86%
Deposits from Other Banks and Financial
11,958,319 9,334,547 2,623,772 28.11%
Institutions
Securities Sold Under Agreement to
19,079,458 9,997,592 9,081,866 90.84%
Repurchase
Derivative Payables 925,210 783,921 141,289 18.02%
Acceptances Payable 10,217,408 7,167,600 3,049,808 42.55%
Taxes Payable 2,546,839 3,053,782 (506,943) (16.60%)
Marketable Securities Issued 49,637,581 63,611,761 (13,974,180) (21.97%)
Fund Borrowings 98,850,813 79,371,200 19,479,613 24.54%
Estimated Losses on Commitments and
6,117,768 6,458,343 (340,575) (5.27%)
Contingencies
Liabilities for Employee Benefits 23,059,624 21,296,487 1,763,137 8.28%
Other Liabilities 36,664,617 27,871,880 8,792,737 31.55%
Subordinated Loans and Marketable
496,683 501,988 (5,305) (1.06%)
Securities
TOTAL LIABILITIES 1,648,534,888 1,562,243,693 86,291,195 5.52%
Liabilities Due Immediately
Liabilities due immediately include, among other things, an increase of 23.05% yoy compared to 2022 which reached
advanced payment deposits, dividend deposits, BRI’s obligations IDR24.91 trillion. The largest increase was contributed by the
as the issuing bank for ATM cards and credit cards. money provision for interim dividend payments which was recorded at
transfers, check deposit funds, deposit deposits, clearing IDR12.70 trillion. This is in line with the announcement of interim
transactions, tax deposits received by BRI, and social assistance dividend payments made by BRI at the end of December 2023,
shelters. Immediate liabilities in 2023 reached IDR30.65 trillion, which will be paid in January 2024.
PT Bank Rakyat Indonesia (Persero) Tbk.
276 2023 Annual Report
Page 279
Management Discussion and Analysis
on Bank Performance
Deposits From Customers
Customer deposits in 2023 reached IDR1,358.33 trillion, which is included in current account products amounting to
an increase of 3.86% yoy compared to 2022 which reached IDR46 trillion. If performance in 2022 is normalized then current
IDR1,307.88 trillion. The highest savings growth was driven account growth will be recorded at 13.95% yoy and total savings
by deposits of 11.20% yoy, savings of 1.01% yoy and current amounting to 7.64% yoy. The company is able to maintain a
accounts recorded a decline of 1.04%. The flat deposits were do CASA ratio above 60% or 64.35% to be precise and will continue
to the high base effect in 2022 where at the end of 2022 there to improve in the future in line with the strategy to focus on
is government compensation funds for the oil and gas sector obtaining CASA through transactions.
Table of Deposits from Customers (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Demand Deposits 346,124,372 349,755,590 (3,631,218) (1.04%)
Saving Deposits 527,945,550 522,647,920 5,297,630 1.01%
Time Deposits 484,258,839 435,480,503 48,778,336 11.20%
Total Deposits from Customers Customers 1,358,328,761 1,307,884,013 50,444,748 3.86%
Deposits From Other Banks and Financial Institutions Acceptance Payable
Acceptance Payable in 2023 reached IDR10.22 trillion, an increase
Deposits from other banks and other financial institutions in of 42.55% yoy compared to 2022 which reached IDR7.17 trillion.
2023 reached IDR11.96 trillion, an increase of 28.11% compared This increase was due to an increase in several acceptances at
to 2022 which reached IDR9.33 trillion. This increase is part of the end of the year provided with financing in the form of bank
the Company’s strategy to optimize liquidity acquisition as well guarantees and/or money orders recorded in the commitment
as efforts to diversify funding other than third party funds. and contingency post. This is known as the Government at the
end of 2023 increased APBN spending in order to maintain
Securities Sold Under Agreement to Repurchase economic growth at a sustainable level.
Securities Sold Under Agreement to repurchase in 2023 reached Tax Payable
IDR19.08 trillion, an increase of 90.84% yoy compared to 2022
which reached IDR9.99 trillion. This increase is part of the Tax Payable in 2023 will reached IDR2.55 trillion, a decrease of
Company’s strategy to fulfill liquidity, especially in the short term 16.60% yoy compared to 2022 which reached IDR3.05 trillion.
of less than 1 year, amidst slightly tightening liquidity conditions, This decrease was caused by a decrease in PPh Article 29 tax
especially third party funds. debt which fell by 96.94% yoy. The decrease in PPh Article 29 was
caused by a decrease in fiscal corrections which was influenced
Derivative Payable by the formation of CKPN loans which decreased compared to
the previous year.
Derivative Payables in 2023 reached IDR925.21 billion, an
increase of 18.02% yoy compared to 2022 which reached
IDR783.92 billion. The largest increase occurred in foreign
currency swap transaction posts which grew by IDR284.93 billion.
This increase is the Company’s treasury strategy amidst the trend
of fluctuating interest rate movements.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 277
Page 280
Table of Tax Payable (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
BRI (Parent company)
Income Tax
Article 25 1,461,224 1,135,923 325,301 28.64%
Article 29 20,725 678,296 (657,571) (96.94%)
1,481,949 1,814,219 (332,270) (18.31%)
Subsidiary
Income Tax 959,642 1,148,050 (188,408 (16.41%)
Value-added tax 105,248 91,513 13,735 15.01%
1,064,890 1,239,563 (174,673) (14.09%)
Total 2,546,839 3,053,782 (506,943) (16.60%)
Marketable Securities Issued bilateral loans as a strategy to balance liquidity needs with daily
loan to deposit ratio conditions so that liquidity needs could be
Marketable Securities Issued in 2023 reached IDR49.64 trillion, a met properly and appropriately allocated.
decrease of 21.97% yoy compared to 2022 which reached IDR63.61
trillion. In denomination, this decline was driven by rupiah securities Estimated Losses On Commitments and Contingencies
which fell 12.74% yoy or down IDR6.12 trillion and foreign currencies
which fell 48.77% yoy or down IDR7.58 trillion. This decline was Estimated Losses on Commitments and Contingencies in 2023
contributed by several types of securities as follows: reached IDR6.12 trillion, decrease 5.27% yoy compared to 2022
1. BRI Global Bond IDR7.8 trillion matures in July 2023. which reached IDR6.46 trillion. This decrease was in line with the
2. BRI Green Bond Series A IDR2.5 trillion matures in July 2023. decrease in exposure to contingent commitment liabilities such
3. PNM bond III Phase III 2020 Series A IDR55 billion matures in as bank guarantees and letters of credit from debtors, especially
April 2023. those engaged in the construction sector.
4. PNM bond IV Phase II 2020 Series A IDR2.4 trillion matures in
May 2023. Liabilitas Imbalan Kerja
5. PNM Sukuk Mudharabah V Series B IDR276 billion.
6. Pegadaian Bond III 2018 Series C IDR2 trillion matures in Liabilities for Employee Benefits in 2023 reached IDR23.06
March 2023 trillion, an increase of 8.28% yoy compared to 2022 which
reached IDR21.30 trillion. This increase was contributed by an
Fund Borrowings increase in reserves for employee benefit programs for several
programs and has been adjusted by actuaries to see movements
Fund Borrowings in 2023 reached IDR98.85 trillion, an increase of in forming assumptions such as discount factors, wage increase
24.54% yoy compared to 2022 which reached IDR79.37 trillion. assumptions, average age of workers and other related
This increase was mainly contributed by banking acceptances and assumptions.
Table of Liabilities for Employee Benefits (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Provision for long-term employee benefit
13,111,142 10,898,392 2,212,750 20.30%
program
PT Bank Rakyat Indonesia (Persero) Tbk.
278 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Provision for Bonuses and Incentives 8,496,353 8,936,362 (440,009) (4.92%)
Provision for Religious Holidays Allowance 1,207,929 834,878 373,051 44.68%
Provision for Contract Worker 244,200 626,855 (382,655) (61.04%)
Total 23,059,624 21,296,487 1,763,137 8.28%
Other Liabilities Subordinated Loans and Marketable Securities
Other liabilities in 2023 reached IDR36.55 trillion, an increase of Subordinated Loans and Marketable Securities in 2023 reached
31.55% yoy compared to 2022 which reached IDR27.87 trillion. IDR496.68 billion, relatively flat, decrease 1.06% yoy compared
The increase was contributed by Bank Indonesia’s Term Deposit to 2022 which reached IDR501.99 billion. This is due to differences
Foreign Exchange Proceeds from Export (TD DHE) product which in the recognition of the loan acquisition value, where there is a
was just launched in 2023. loan maturity in 2023 amounting to IDR500 billion and then in
the same year a subordinated bond loan IV was issued in 2023
amounting to IDR495 billion.
Equity
Equity in 2023 reached IDR316.47 trillion, an increase of 4.31% an improvement of 50.24% yoy, this improvement in line with
yoy or IDR13.08 trillion compared to 2022 which reached economic conditions, especially the rate environment, which is
IDR303.40 trillion. The increase came from income for the year starting to slope, which then pushes yields towards a relatively
which rose by 17.54% or IDR9.02 trillion, apart from that the stable direction and even experiences a slight decline compared
increase was also contributed by others comprehensive income, to mid-2021-2022.
securities which recorded an improvement of IDR2.24 trillion or
Table of Equity (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
EQUITY
Capital stock 7,577,950 7,577,950 - 0.00%
Additional paid-in-capital 75,853,127 75,637,083 216,044 0.29%
Revaluation surplus arising from premises
20,216,505 20,267,952 (51,447) (0.25%)
and equipment - net of tax
Differences arising from the translation of
(253,744) (127,954) (125,790) 98.31%
foreign currency financial statements
Unrealized gain (loss) on fair value through
other comprehensive income securities - (2,221,745) (4,464,483) 2,242,738 (50.24%)
net of deferred tax
Allowance for impairment losses on fair
value through other comprehensive income 128,230 139,978 (11,748) (8.39%)
securities
Gain/(loss) on remeasurement of defined
(2,134,699) (689,473) (1,445,226) 209.61%
benefit plan - net of deferred tax
Treasury Stock (3,614,321) (2,202,178) (1,412,143) 64.12%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 279
Page 282
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Stock Option 54,769 16,356 38,413 234.86%
Provision for bonus shares compensation 287,482 210,266 77,216 36.72%
Impact of transaction with non-controlling
1,758,580 1,758,580 - 0.00%
interest
Retained earnings
Appropriated 3,022,685 3,022,685 - 0.00%
Unappropriated 210,688,737 198,147,249 12,541,488 6.33%
Total Retained Earnings 213,711,422 201,169,934 12,541,488 6.23%
Total Equity Attributable to Equity Holders
311,363,556 299,294,011 12,069,545 4.03%
of the Parent Entity
Non-controlling Interest 5,108,586 4,101,306 1,007,280 24.56%
TOTAL EQUITY 316,472,142 303,395,317 13,076,825 4.31%
Capital Stock Treasury Stock
Capital stock in 2023 reached IDR7.58 trillion, compared to 2022, Recoverable share capital (Treasury Stock) in 2023 reached
there is no change because throughout 2023 there were be no IDR3.61 trillion, an increase of 64.12% yoy compared to 2022
corporate action related to the issuance of new shares. which reached IDR2.20 trillion. This increase is in line with the
share buyback carried out by the Company in 2023.
Unrealized Gain (Loss) On Fair Value Through Other
Comprehensive Income Securities - Net of Deferred Non-Controlling Interest
Tax
Non-controlling Interest in 2023 reached IDR5.11 trillion, or an
Unrealized gain (loss) on fair value other comprehensive income increase of 24.56% compared to 2022 which reached IDR4.10
securities - net of deferred tax through 2023 was recorded at minus trillion. This increase was in line with the increase in subsidiary
IDR2.2 trillion, an increase of 50.24% yoy compared to 2022 which profit contribution of 39.65% yoy or an increase of IDR2.08
was recorded at minus IDR4.46 trillion. This improvement is in line trillion. This increase also increases the contribution of subsidiary
with economic conditions, especially the rate environment, which profit to consolidated profit to 12.09% or an increase of 1.91%
is starting to slope, which then pushes yields towards a relatively yoy compared to December 2022 of 10.18%.
stable direction and even experiences a slight decline compared
to mid-2021-2022.
Consolidated Statement of Profit or Loss and Other Comprehensive Income
Tabel Consolidated Statement of Profit or Loss and Other Comprehensive Income (in IDR trillion)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
INCOME AND EXPENSES FROM
OPERATIONS
Interest and Sharia Income
Interest income 166,052,387 141,756,773 24,295,614 17.14%
PT Bank Rakyat Indonesia (Persero) Tbk.
280 2023 Annual Report
Page 283
Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Sharia income 12,943,607 10,118,043 2,825,564 27.93%
Total Interest and Sharia Income 178,995,994 151,874,816 27,121,178 17.86%
Interest and Sharia expenses
Interest expenses (42,658,864) (26,269,701) (16,389,163) 62.39%
Sharia expenses (1,153,643) (1,008,042) (145,601) 14.44%
Total Interest and Sharia expenses (43,812,507) (27,277,743) (16,534,764) 60.62%
Interest and Sharia income - net 135,183,487 124,597,073 10,586,414 8.50%
Premium income 9,078,853 8,936,995 141,858 1.59%
Claim expense (6,917,461) (7,359,672) 442,211 (6.01%)
Premium income - net 2,161,392 1,577,323 584,069 37.03%
Gold Sales Revenue 7,982,888 8,175,106 (192,218) (2.35%)
Cost of Gold Sold (7,663,244) (7,875,955) 212,711 (2.70%)
Gold Sales Revenue - Net 319,644 299,151 20,493 6.85%
Gold Sales Revenue-Net
Other fees and commissions 20,737,913 18,794,964 1,942,949 10.34%
Recovery of written-off assets 16,833,578 12,468,321 4,365,257 35.01%
Gain on sale of securities - net 1,898,653 1,518,191 380,462 25.06%
Gain on foreign exchange - net 402,526 1,132,079 (729,553) (64.44%)
Unrealized gain on changes in fair value
214,435 145,520 68,915 47.35%
of securities
Others 5,538,680 5,068,619 470,061 9.27%
Total other operating income 45,625,785 39,127,694 6,489,091 16.61%
Provision for allowance for impairment
(29,523,426) (27,384,906) (2,138,520) 7.81%
losses on financial assets - net
Reversal of (provision for) allowance for
estimated losses on commitments and 341,994 543,145 (201,151) (37.03%)
contingencies - net
Provision for allowance for impairment
(497,848) (137,431) (360,417) 262.25%
losses non-financial assets - net
Other operating expenses
Salaries and employee benefits (37,850,275) (39,390,133) 1,539,858 (3.91%)
General and administrative (28,484,209) (25,958,686) (2,525,523) 9.73%
Others (10,447,807) (8,967,193) (1,480,614) 16.51%
Total other operating expenses (76,782,291) (74,316,012) 2,466,279 3.32%
OPERATING INCOME 76,828,737 64,306,037 12,522,700 19.47%
NON OPERATING (EXPENSES) INCOME -
(399,025) 290,664 (689,689) (237.28%)
NET
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 281
Page 284
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
INCOME BEFORE TAX EXPENSE 76,429,712 64,596,701 11,833,011 18.32%
TAX EXPENSE (16,004,664) (13,188,494) (2,816,170) 21.35%
NET INCOME 60,425,048 51,408,207 9,016,841 17.54%
Items not to be reclassified to profit or loss
Remeasurement of liabilities for
(1,787,840) 902,754 (2,690,594) (298.04%)
employee benefits
Income taxes related to items not to be
348,975 (176,671) 525,646 (297.53%)
reclassified to profit or loss
Revaluation surplus arising from
(82,365) 3,297,304 (3,379,669) (102.50%)
premises and equipment
Items to be reclassified to profit or loss
Differences arising from the Translation
(125,790) (11,979) (113,811) 950.09%
of foreign currency financial statements
Unrealized gain (loss) on Fair value
through other Comprehensive Income 1,782,067 (7,946,514) 9,728,581 (122.43%)
Securities
Allowance for impairment losses on fair
value through other comprehensive (9,105) (413,197) 404,092 (97.80%)
income securities
Income taxes related to items to be
502,669 1,509,279 (1,006,610) (66.69%)
reclassified to profit or loss
Other comprehensive income for the year
628,611 (2,839,024) 3,467,635 (122.14%)
- after tax
TOTAL COMPREHENSIVE INCOME FOR
61,053,659 48,569,183 12,484,476 25.70%
THE YEAR
INCOME FOR THE YEAR ATTRIBUTABLE
TO:
Equity holders of the parent entity 60,099,863 51,170,312 8,929,551 17.45%
Non-controlling Interest 325,185 237,895 87,290 36.69%
TOTAL 60,425,048 51,408,207 9,016,841 17.54%
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR ATTRIBUTABLE TO:
Equity holders of the parent entity 60,708,390 48,333,349 12,375,041 25.60%
Non-controlling Interest 345,269 235,834 109,435 46.40%
TOTAL 61,053,659 48,569,183 12,484,476 25.70%
EARNINGS PER SHARE ATTRIBUTABLE TO
EQUITY HOLDERS OF THE PARENT ENTITY
(full Rupiah)
Basic 398 338 60 17.75%
Diluted 398 338 60 17.81%
PT Bank Rakyat Indonesia (Persero) Tbk.
282 2023 Annual Report
Page 285
Management Discussion and Analysis
on Bank Performance
Grafik Consolidated Statement of Profit or Loss and Other Comprehensive Income
(in IDR trillion)
124.60
135.18
27.28
43.81
47.30
45.63
82.19
76.78
64.31
76.83
51.41
60.43
48.57
61.05
1.58
2.16
Total Interest Total Other Other Income Before
Total Interest Premium Operational
and Sharia Operational Operating Net Pro Forma Total Income
Income Income - Net Income
Expenses Expenses Income Income
2022 2023
Interest and Sharia Income Interest and Sharia Expenses
Interest and sharia income in 2023 reached IDR178.99 trillion, Interest and sharia expenses in 2023 reached IDR43.81 trillion,
an increase of 17.86% yoy or an increase of IDR27.12 trillion or recorded an increase of 60.62% yoy compared to 2022 which
compared to 2022 which reached IDR151.87 trillion. The reached IDR27.28 trillion. This increase was driven by all interest
composition of interest income from loans and financing expense items, both deposits and non-deposits, where deposit
receivables (including sharia) dominates at 88.96% of total interest expense increased by IDR13.45 trillion or up 85.65%
interest income, able to increase by 27 bps compared to the and non-deposit interest expense increased by IDR2.94 trillion or
composition in 2022 of at 88.69%. The increase in composition up 27.82% yoy. This is also reflected in the Company’s cost of
in 2023 was contributed by all types of interest income, where funds ratio being 3.00% (consolidated) and 2.91% (bank only),
micro rose 14.56% yoy, retail rose 6.89% yoy, corporate rose this increase is in line with the global trend of increasing interest
89.12%, murabahah rose 17.28% and murabahah rose 31.03%. rates and also has an impact domestically.
The ultra micro and micro business segments, both on a Interest and Sharia Income - Net
conventional and sharia basis, were the largest contributor to
interest income growth with growth of 14.17% yoy. This is in line Interest and sharia income - net in 2023 reached IDR135.18
with the very good credit growth of the micro segment, from trillion, an increase of 8.50% compared to 2022 which reached
the subsidiary side, Pegadaian was recorded was able to grew IDR124.60 trillion. This increase was contributed to by the
by 11. 41% yoy or an increase of IDR1.52 trillion and PNM grew Company’s ability to increase interest income which rose 17.86%
by 16.69% yoy or an increase of IDR2.08 trillion. This increase yoy through good growth in productive assets, especially credit,
pushed their interest income contribution to 9.33% and 9.11% which was able to eliminate the impact of a fairly high increase
of the consolidated total, respectively. in interest expenses of 60.62% so that in net terms the Company
was able to record good growth.
Table of Interest and Sharia Income - Net (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Interest and Sharia Income 178,995,994 151,874,816 27,121,178 17.86%
Interest and Sharia Expenses (43,812,507) (27,277,743) (16,534,764) 60.62%
Interest and Sharia Income- Net 135,183,487 124,597,073 10,586,414 8.50%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 283
Page 286
Premium Income - Net
Premium income - net in 2023 reached IDR2.16 trillion, an Company’s subsidiaries operating in the insurance sector, namely
increase of 37.03% yoy compared to 2022 which reached IDR1.58 BRI Life and BRI Insurance.
trillion. This increase was contributed by the performance of the
Table of Premium Income - Net (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Premium income 9,078,853 8,936,995 141,858 1.59%
Claim expense (6,917,461) (7,359,672) 442,211 (6.01%)
Premium income - net 2,161,392 1,577,323 584,069 37.03%
Other Operating Income
Other operating income in 2023 reached IDR45.63 trillion, - The recovery of assets that had been written off (recovery
an increase of 16.61% yoy compared to 2022 which reached income) rose 35.01% yoy or IDR4.37 trillion driven by an
IDR39.13 trillion. This increase was contributed by: increase in recovery in the micro segment which rose by
- Other fees and commissions (fee based income) rose by 45.67% yoy or increased by IDR2.74 trillion and was followed
10.34% yoy or IDR1.94 trillion, driven mainly by trade finance by an increase in the small segment amounting to 28.84%
services, up 29.39% yoy or IDR535 billion, credit services yoy or an increase of IDR1.39 trillion.
which rose 21.25% yoy or up IDR407.7 billion and services
from e-channel and e-banking transactions rose 4.60% yoy
or IDR340 billion.
Table of Other Operating Income (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Other fees and commissions 20,737,913 18,794,964 1,942,949 10.34%
Recovery of assets written-off 16,833,578 12,468,321 4,365,257 35.01%
Gain on sale of securities - net 1,898,653 1,518,191 380,462 25.06%
Gain on foreign exchange - net 402,526 1,132,079 (729,553) -64.44%
Unrealized gain on changes in fair value of
214,435 145,520 68,915 47.36%
securities
Others 5,538,680 5,068,619 470,061 9.27%
Total other operating income 45,625,785 39,127,694 6,498,091 16.61%
PT Bank Rakyat Indonesia (Persero) Tbk.
284 2023 Annual Report
Page 287
Management Discussion and Analysis
on Bank Performance
Provision for Allowance for Impairment Losses Provision for Allowance for Impairment Losses
On Financial Assets - Net Non-Financial Assets - Net
Provision for impairment losses on financial assets - net in 2023 Provision for impairment losses on non-financial assets in 2023
reached IDR29.52 trillion, or recorded an increase of 7.81% yoy reached IDR497.85 billion, an increase of 262.25% yoy compared
or IDR2.1 trillion compared to 2022 which reached IDR27.38 to 2022 which reached IDR137.43 billion. This increase was
trillion. Historically, since 2015-2019 before the pandemic, the contributed by the formation of a reserve for other receivables
Company’s loan loss reserve ratio has been on average at 4.4%, owned by the Company’s subsidiaries from a third party. The
while during the pandemic and pre-pandemic in 2022-2023 reserve was formed by taking into account the age of the
it was at the level of 6-7% so it can be said that the increase receivables and cash flow from the third party.
in allowance costs is The Company’s anticipatory form in
accelerating the settlement of Covid-19 restructuring credit. In Other Operating Expenses
the future, after all credit affected by Covid-19 has been resolved
properly, we project that this provision fee will continue to show Other operational expenses (operating expenses - opex) in
improvement. 2023 reached IDR76.78 trillion, a limited increase of 3.32% yoy
compared to 2022 which reached IDR74.32 trillion. With this
Reversal of (Provision For) Allowance for limited growth, it shows further improvement in terms of cost
Estimated Losses On Commitments and to assets which became 3.1% compared to the previous year
Contingencies - Net of 3.23%. Other efficiency ratios also show good development.
Bank only and consolidated CIR were recorded at 37.7% each.
Reversal of (provision for) allowance for estimated losses on and 41.9% better than the previous period. The Company’s
commitments and contingencies - net in 2023 was recorded as a success in maintaining the growth of operating expenses cannot
reversal of IDR341.99 billion, recorded as a decrease of 37.03% be separated from the Company’s optimization in the use of
yoy compared to 2022 which reached IDR543.14 billion. This digitalization, one of which is efficiency in the micro segment
decrease is in line with changes in the size of cash loan reserves which is becoming more efficient by optimizing the use of
for several corporate debtors, thus also affecting the size of BRISPOT.
reserves for contingent commitment assets held such as bank
guarantees and letters of credit.
Table of Other Operating Expense (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Salaries and employee benefits (37,850,275) (39,390,133) 1,539,858 (3.91%)
General and administrative (28,484,209) (25,958,686) (2,525,523) 9.73%
Others (10,447,807) (8,967,193) (1,480,614) 16.51%
Total Other Operating Expense (76,782,291) (74,316,012) (2,466,279) 3.32%
Operating Income
Through solid upperline performance demonstrated by positive growth on the NII side, sustainable increases in non-interest operating
income and the Company’s ability to efficiently operate expenses, pushing operating income in 2023 to reach IDR76.83 trillion, an
increase of 19.47% yoy compared to 2022 which reached IDR64.31 trillion.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 285
Page 288
Table of Operating Income (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Interest and Sharia Income - net 135,183,487 124,597,073 10,586,414 8.50%
Premium income - net 2,161,392 1,577,323 584,069 37.03%
Other operating income 45,625,785 39,127,694 6,498,091 16.61%
Provision for allowance for impairment
(29,523,426) (27,384,906) (2,138,520) 7.81%
losses on financial assets - net
Reversal of (provision for) allowance for
estimated losses on commitments and 341,994 543,145 (201,151) (37.03%)
contingencies - net
Provision for allowance for impairment
(497,848) (137,431) (360,417) 262.25%
losses on nonfinancial assets - net
Other operating expense (76,782,291) (74,316,012) (2,466,279) 3.32%
Operating Income 76,828,737 64,306,037 12,522,700 19.47%
Non-Operating Income and (Expenses) - Net
Non-operational income and (expenses) - net are items outside the Company’s operational performance with a value that is not very
material and is not ongoing income. Net non-operating income and (expenses) in 2023 recorded expenses of IDR399.03 trillion or
decreased by 237.3% yoy compared to 2022 which reached revenues of IDR290.66 billion.
Table of Non Operating Income and (Expense) - Net (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Gain/(Loss) on sale of premises and
125,187 242,077 (116,890) (48.29%)
equipments
Rent Income 458 6,759 (6,301) (93.22%)
Non-PUMK Social and Environmental
Responsibility 2Expense Lingkungan Non (341,998) (284,912) (57,086) 20.04%
PUMK
Corporate Social Responsibility (28,914) (29,084) 170 (0.58%)
Donation (363) (28,361) 27,998 (98.72%)
Others - net (153,395) 384,185 (537,580) (139.93%)
Total (399,025) 290,664 (689,689 (237.28%)
Income Before Tax Expense
Income before tax expense in 2023 reached IDR74.43 trillion, an increase of 18.32% yoy compared to 2022 which reached IDR64.60
trillion. This increase is in line with the increase in operating income in 2023.
PT Bank Rakyat Indonesia (Persero) Tbk.
286 2023 Annual Report
Page 289
Management Discussion and Analysis
on Bank Performance
Table of Income Before Tax Expense (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Operating Income 76,828,737 64,306,037 12,522,700 19.47%
Non Operating Income (Expense)- Net (399,025) 290,664 (689,689) (237.28%)
Income Before Tax Expense 76,429,712 64,596,701 11,833,011 18.32%
Tax Expense Net Income
The tax expense in 2023 recorded at IDR16.00 trillion, an increase With the explanation of the Company’s performance above, net
of 21.35% yoy compared to 2022 which reached IDR13.19 trillion, income in 2023 was achieved at IDR60.43 trillion, an increase of
this increase is in line with the growth of the Company’s profit 17.54% yoy compared to 2022 which reached IDR51.41 trillion.
before tax, the tax rate in 2022 was recorded at 20.94% on a The growth in consolidated net profit was driven by the growth of
consolidated basis and 20.75% BRI only. the Company’s net income on a bank only basis which was recorded
at IDR53.15 trillion or able to grow by 11.13% yoy compared to
2022 of IDR47.83 trillion, as well as the positive contribution of all
subsidiaries which resulted in the aggregation of the increase in
subsidiaries’ profit 39.65% yoy or an increase of IDR2.08 trillion.
Table of Net Income (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Income Before Tax Expense 76,429,712 64,596,701 11,833,011 18.32%
Tax Expense (16,004,664) (13,188,494) (2,816,170) 21.35%
Net Income 60,425,048 51,408,207 9,016,841 17.54%
Income for the year attributable to Equity holders of the parent Likewise, profit for the year attributable to non-controlling
entity in 2023 reached IDR60.10 trillion, recorded as an increase interests in 2023 reached IDR325.2 billion, an increase of 36.69%
of 17.45% yoy compared to 2022 which reached IDR51.17 trillion. yoy compared to 2022 which reached IDR237.90 billion.
Table of Attributable Income for the Year (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Equity holders of the parent entity 60,099,863 51,170,312 8,929,551 17.45%
Non-controlling Interest 325,185 237,895 87,290 36.69%
TOTAL 60,425,048 51,408,207 9,016,841 17.54%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 287
Page 290
Comprehensive Income For The Year
Other comprehensive income for the year 2023 reached increased IDR9.02 trillion as well as other comprehensive income
IDR61.05 trillion, an increase of 25.70% yoy compared to 2022 posts for securities recorded a gain of IDR1.78 trillion or capable
which reached IDR48.57 trillion. This increase was mainly due of increasing 122.34% yoy compared to 2022 which recorded a
to an increase in net profit after tax which rose 17.54% yoy or loss of IDR7.95 trillion.
Table of Comprehensive Income for the Year (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Items not to be reclassified to profit or loss
Remeasurement of liabilities for
(1,787,840) 902,754 (2,690,594) (298.04%)
employee benefits
Income taxes related to items not to be
348,975 (176,671) 525,646 (297.53%)
reclassified to profit or loss
Revaluation surplus arising from
(82,365) 3,297,304 (3,379,669) (102.50%)
premises and equipment
Items to be reclassified to profit or loss
Differences arising from the Translation
(125,790) (11,979) (113,811) 950.09%
of foreign currency financial statements
Unrealized gain (loss) on Fair value
through other Comprehensive Income 1,782,067 (7,946,514) 9,728,581 (122.43%)
Securities
Allowance for impairment losses on fair
value through other comprehensive (9,105) (413,197) 404,092 (97.80%)
income securities
Income taxes related to items to be
502,669 1,509,279 (1,006,610) (66.69%)
reclassified to profit or loss
Other comprehensive income for the year
628,611 (2,839,024) 3,467,635 (122.14%)
- after tax
TOTAL COMPREHENSIVE INCOME FOR
61,053,659 48,569,183 12,484,476 25.70%
THE YEAR
Comprehensive income for the year attributable to the parent entity in 2023 reached IDR60.71 trillion, an increase of 25.60% yoy
compared to 2022 which reached IDR48.33 trillion. Likewise with comprehensive income for the year attributable to non-controlling
interests in 2023 reached IDR345 billion, an increase of 46.40% compared to 2022 which reached IDR235.83 billion.
Table of Attributable Comprehensive Income for the Year (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Equity holders of the parent entity 60,708,390 48,333,349 12,375,041 25.60%
Non-controlling Interest 345,269 235,834 109,435 46.40%
TOTAL 61,053,659 48,569,183 12,484,476 25.70%
PT Bank Rakyat Indonesia (Persero) Tbk.
288 2023 Annual Report
Page 291
Management Discussion and Analysis
on Bank Performance
Earnings Per Share For the Year
Earnings per share for the year in 2023 reached IDR398, an increase of 17.75% yoy compared to 2022 which reached IDR338, this
increase is in line with the Company’s good performance achievements.
Table of Earnings Per Share (in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (4) = (2)-(3) (5) = (4)/(3)
Basic 398 338 60 17.75%
Diluted 398 338 60 17.75%
Statement of Consolidated Cash Flows
Table of Statement of Consolidated Cash Flows
(in IDR million)
Growth
Description 2023 2022
IDR %
(1) (2) (3) (5) = (2)-(3) (6) = (5)/(3)
CASH FLOWS FROM OPERATING ACTIVITIES
Income received
Interest and investment income 169,068,778 130,501,831 38,566,947 29.55%
Sharia income 12,922,019 10,118,043 2,803,976 27.71%
Premium income 8,996,516 8,936,995 59,521 0.67%
Gold sales revenue 7,982,888 8,175,106 (192,218) (2.35%)
Expense paid
Interest expense (42,461,798) (25,762,613) (16,699,185) 64.82%
Sharia expense (1,161,971) (1,008,042) (153,929) 15.27%
Claim expense (6,549,595) (7,359,672) 810,077 (11.01%)
Cost of Goods Sold For Gold (7,663,244) (7,875,955) (212,711) (2.70%)
Recovery of written-off assets 16,833,578 12,468,321 4,365,257 35.01%
Other operating income 29,267,943 27,543,503 1,733,441 6.30%
Other operating expenses (75,776,851) (70,993,349) (4,783,502) 6.74%
Non-operating expense - net (568,000) (52,531) (515,469) 981.27%
Payment of corporate income tax (14,279,292) (15,762,408) 1,483,116 (9.41%)
Cash flows before changes in operating assets and
96,610,971 68,920,228 27,690,743 40.18%
liabilities
Changes in operating assets and liabilities:
Decrease (Increase) in operating assets:
Placement with Bank Indonesia and Other
(505,646) (195,110) (310,536) (159.16%)
Financial Institutions
Securities measured at fair value through profit
(1,277,298) (2,114,619) 837,321 (39.60%)
or loss
Export bills and other receivables (14,828,029) (9,403,150) (5,424,879) 57.69%
Securities purchased under agreement to resell 17,419,447 3,900,820 13,518,627 346.56%
Loans (152,128,249) (106,917,972) (45,210,277) 42.29%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 289
Page 292
Growth
Description 2023 2022
IDR %
(1) (2) (3) (5) = (2)-(3) (6) = (5)/(3)
Sharia loans (3,335,688) (1,354,828) (1,980,860) 146.21%
Finance receivables (5,720,404) (9,996,487) 4,276,083 (42.78%)
Other assets (16,170,249) (2,941,947) (13,228,302) 449.64%
Increase (decrease) in operating liabilities:
Liabilities due immediately 5,741,228 6,175,192 (433,964) (7.03%)
Deposits::
Demand Deposits (3,631,218) 129,165,393 (132,796,611) (102.81%)
Wadiah Demand Deposits
Saving Deposits 5,297,630 24,971,180 (19,673,550) (78.79%)
Wadiah Saving Deposits
Time Deposits 48,778,336 15,004,224 33,774,112 225.10%
Deposits from Other Banks and other financial
2,623,772 (3,994,882) 6,618,654 (165.68%)
institutions
Derivative Payables - - - -
Securities sold under agreement to repurchase 9,081,866 (19,410,916) 28,492,782 (146.79%)
Others liabilities 7,072,077 5,698,879 1,373,198 24.10%
Net cash provided by/(used in) from operating
(4,971,454) 97,506,005 (102,477,459) (105.10%)
activities
CASH FLOWS FROM INVESTING ACTIVITIES
Sales from premises and equipments 168,975 343,195 (174,220) (50.76%)
Investment in associated entities 36,137 (145,649) 181,786 (124.81%)
Dividend income 75,572 144,069 (68,497) (47.54%)
Acquisition of premises and equipments (8,177,296) (10,538,233) 2,360,937 (22.40%)
Decrease/(increase) in securities measured at fair
value through other comprehensive income and 2,907,520 37,424,578 (34,517,058) (92.23%)
amortized cost
Net cash provided by/(used in) financing activities (4,989,092) 27,227,960 (32,217,052) (118.32%)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from/(payments of) borrowing 19,360,539 11,068,534 8,292,005 74.92%
Treasury stock (1,382,284) (2,187,544) 805,260 (36.81%)
Additional capital -
Distribution of dividend income (43,494,766) (26,406,603) (17,088,163) 64.71%
Receipt of subordinated loans 494,142 - 494,142 100.00%
Payment of subordinated loans (500,000) - (500,000) 100.00%
Proceeds from marketable securities issued 14,112,994 21,739,525 (7,626,531) (35.08%)
Payments of marketable securities due (28,141,850) (14,650,023) (13,491,827) 92.09%
Net cash provided for financing activities (39,551,225) (10,436,111) (29,115,114) 278.98%
NET INCREASE (DECREASE) IN CASH AND CASH
(49,511,771) 114,297,854 (163,809,625) (143.32%)
EQUIVALENTS
EFFECT OF EXCHANGE RATE CHANGES ON FOREIGN
(2,663) (30,287) 27,624 (91.21%)
CURRENCIES
CASH AND CASH EQUIVALENTS AT BEGINNING OF
268,192,168 153,924,601 114,267,567 74.24%
THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE
218,677,734 268,192,168 (49,514,434) (18.46%)
YEAR
Cash and cash equivalents at the end of the period
-
consist of:
Cash 31,603,784 27,407,478 4,196,306 15.31%
Current accounts with Bank Indonesia 101,909,121 150,935,150 (49,026,029) (32.48%)
PT Bank Rakyat Indonesia (Persero) Tbk.
290 2023 Annual Report
Page 293
Management Discussion and Analysis
on Bank Performance
Growth
Description 2023 2022
IDR %
(1) (2) (3) (5) = (2)-(3) (6) = (5)/(3)
Demand Deposits with Other Banks 22,331,919 21,488,434 843,485 3.93%
Placement with Bank Indonesia and other financial
institutions - maturing within three months or less 62,678,940 68,361,106 (5,682,166) (8.31%)
since the acquisition date
Certificate of Bank Indonesia - maturity period of
153,970 - 153,970 100.00%
three months or less from the date of acquisition
Total Cash and Cash Equivalent 218,677,734 268,192,168 (49,514,436) (18.46%)
Graph of Consolidated Statement of Cash Flows
(in IDR trillion)
97.51
27.23
(4.97) (4.99) (10.44)
(39.55)
Net cash provided Net Cash used in Net Cash used
by operating activities Investment Activities in Funding Activities
2022 2023
Cash Flows from Operating Activities the Company to support main business activities, especially credit
and financing, the biggest source of optimization comes from
Cash flow from operating activities reflects the sources and uses of securities. Even though it has decreased, the Company’s liquidity
cash from the Company’s main operational activities. By the end ratio is recorded as very good and above the regulations set by the
of 2023, net cash used for operating activities reached (IDR4.97) regulator.
trillion, a decrease of (IDR102.48) trillion compared to 2022, It
recorded that cash flow obtained for operating activities reached Cash Flow from Financing Activities
IDR97.51 trillion. This decrease was contributed by an increase in
loans distribution. In terms of cash flow, there was an increase in Cash flow from financing activities reflects the sources and uses
credit distribution of 42.29% yoy or an increase in cash outflow of of cash from funding-related activities both in terms of liability
IDR45.21 trillion. liquidity and capital. By the end of 2023, net cash used for funding
activities reached (IDR39.55) trillion, an increase of 278.98% yoy
Cash Flow from Investing Activities compared to 2022 which was IDR10.44 trillion. This negative cash
position from funding activities cannot be separated from the
Cash flow from investing activities reflects the sources and uses of increase in deduction factors originating from several activities,
cash from the Company’s investment-related activities. As of the including the distribution of profits for dividends amounting to
end of 2023, net cash used for investment activities was recorded IDR43.49 trillion, an increase of 64.18% or IDR17.09 trillion in
at -IDR4.99 trillion, a decrease of 118.32% yoy compared to 2022 line with the increase in the amount of dividends following the
which recorded net cash obtained from investment activities of increase in the Company’s net income.
IDR27.23 trillion. This decrease in investment cash flow is used by
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 291
Page 294
Ability to Pay Debt and Receivable was 83.23% (bank only). The increase in BRI’s RIM ratio in 2023
Collectibility was influenced by a higher increase in assets, while there was a
decrease in TPF.
Ability to Pay Debt
In order to increase short-term liquidity resilience, BRI manages
The ability to pay debt is reflected in the Bank’s liquidity and the Liquidity Coverage Ratio (LCR), which is the ratio between
solvency. With regard to bonds issued, the ability to pay debts High Quality Liquid Assets (HQLA) and total net cash outflow for
is reflected in the smooth payment of interest and the ranking the next 30 (thirty) days under conditions crisis. In 2023, BRI’s LCR
of bonds. could be maintained at 161.64% (bank only). By achieving this
LCR, BRI can be successful in maintaining its liquidity adequacy
The Company has a policy regarding the fulfillment of creditor ratio well above the minimum limit of 100%. Meanwhile, in
rights stated in each Loan Agreement between BRI and debtors. order to maintain long-term liquidity resilience, BRI measures
The agreement includes the rights and obligations of both the Net Stable Funding Ratio (NSFR), which is a comparison
parties, such as transparency of financial reports to creditors. between available stable funding and required stable funding.
In 2023 BRI’s NSFR was at 135.17%, with this achievement BRI
The Ability to Pay Short-Term Debt has succeeded in maintaining long-term stable funding adequacy
(Bank Liquidity) above 100%.
The liquidity ratio is a comparison between loans and deposits (Loan The Ability to Pay Long-Term Debt
to Deposit Ratio or LDR). BRI’s LDR ratio in December 2023 was (Bank Solvability)
84.73% (bank only), an increase compared to the LDR in 2022 which
was 79.17% (bank only), indicating that banking liquidity conditions The capital adequacy ratio (CAR) reflects the Bank’s ability to mitigate
were tightening in line with Indonesia’s economic growth amidst risks that may occur in carrying out its business processes. In 2023,
the global economic slowdown. This is in line with banking liquidity BRI’s CAR recorded at 25,23% (bank only) and 27,27% (consolidated).
conditions which are starting to tighten in line with the recovery and The CAR ratio is above BRI’s minimum capital requirement according
improvement of the Indonesian economy. Apart from that, the trend to BRI’s Risk Profile which refers to the risk profile scorecard
of BRI’s LDR increasing is also due to BRI’s contribution in growing assessment, namely 9.46%. With a capital adequacy ratio that is
loans above the growth of the industry. high, BRI is able to anticipate all the main risks that occur in bank
management, including market risk, credit risk and operational risk.
In accordance with Bank Indonesia Regulation (PBI) Number
20/4/PBI/2018 dated April 3, 2018, banks must maintain a RIM Ability to Pay Debt from Issued Securities
ratio of 84% to 94%. In the RIM calculation, securities issued
and administered by the Indonesian Securities Center Custodian The ability to pay debts can also be reflected based on the rating
(KSEI) and not owned by the bank are taken into account for at of the securities issued by the Bank, namely Bonds. Securities
least 2 (two) months before the report date and corporate bonds issued are routinely assessed by rating agencies to support
held. The RIM calculation is also refined with PBI number 21/12/ the suitability of securities. The quality of securities is largely
PBI/2019 effective on December 2, 2019 by taking into account determined by the ability of the issuing company to pay its
offshore loans as a funding component. BRI’s RIM ratio in 2023 securities at maturity and the ability to pay interest or coupons
showed 91.36% (bank only), an increase compared to 2022 which during the period of issuance of the securities.
Table of Ability to Pay Debt from Issued Securities (in IDR million)
Rank
Description
2023 2022
BRI Sustainable Bonds II Phase I Year 2016 E Series AAA by Pefindo
id
AAA by Pefindo
id
BRI Sustainable Bonds II Phase II Year 2017 D Series AAA by Pefindo
id
AAA by Pefindo
id
BRI Sustainable Bonds II Phase III Year 2017 C Series AAA by Pefindo
id
AAA by Pefindo
id
BRI Sustainable Bonds II Phase IV Year 2018 B Series AAA by Pefindo
id
AAA by Pefindo
id
BRI Sustainable Bonds III Phase I Year 2019 C Series AAA by Pefindo
id
AAA by Pefindo
id
PT Bank Rakyat Indonesia (Persero) Tbk.
292 2023 Annual Report
Page 295
Management Discussion and Analysis
on Bank Performance
Rank
Description
2023 2022
BBB- by Fitch and Baa2 by BBB- by Fitch and Baa2 by
Unsecured Notes due 2024
Moody’s Moody’s
Bank BRI Sustainable Bonds I Phase I Year 2022 Series B id
AAA by Pefindo id
AAA by Pefindo
Bank BRI Sustainable Bonds I Phase I Year 2022 Series A id
AAA by Pefindo id
AAA by Pefindo
BRI IV Subordinated Bonds 2023 iid
AA by Pefindo -
Bank BRI Sustainable Bonds I Phase II Year 2023 Series A id
AAA by Pefindo -
Bank BRI Sustainable Bonds I Phase II Year 2023 Series B id
AAA by Pefindo -
Bank BRI Sustainable Bonds I Phase II Year 2023 Series C id
AAA by Pefindo -
Table of Ranking Meaning
Rating
Rating Meaning of Rating
Agency
Bonds rated idAAA have the highest rating given by Pefindo. The obligor's ability to meet its long-term financial
AAA
id commitments on these debt securities, relative to other Indonesian obligors, is superior.
Pefindo
Bonds rated idAA differ from the highest-rated debt only by a small degree. The obligor's ability to meet its long-
AA
id term financial commitments on debt securities, relative to other Indonesian obligors, is very strong.
The BBB rating indicates that the expected default risk is currently low. Capacity for payment of financial
Fitch BBB commitments is considered adequate, but adverse business or economic conditions are more likely to impair this
capacity.
Bonds rated Baa2 are rated medium and are subject to moderate credit risk and thus may have certain speculative
Moody’s Baa2
characteristics.
Other Financial Ratios
Rentability Ratio
In the banking industry, the profitability ratio is generally Margin/NIM). BRI was able to record a positive profitability
measured using the rate of return on assets (ROA), return on performance during 2023.
equity (ROE) and net interest income margin (Net Interest
Table of Rentability Ratio (in %)
Bank Only Consolidation
Description
2023 2022 2023 2022
ROA (before tax) 3.93 3.76 4.10 3.79
ROE (Tier-1) 22.94 20.93 22.24 19.54
ROE Balance Sheet 18.25 16.76 19.95 17.63
NIM 6.84 6.80 7.95 7.85
RETURN ON ASSETS (ROA)
BRI ROA before tax in 2023 reached 3.93% (bank only) and 4.10% by the company’s ability to continue to grow net interest income,
(consolidated), respectively capable of growing 17 bps and 31 non-interest operating income and the ability to maintain opex
bps on an annual basis. The increase in ROA cannot be separated growth at an optimal level.
from the increase in the Company’s performance which is driven
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 293
Page 296
RETURN ON EQUITY (ROE) in segments that have optimal yields has proven to be reliable
BRI ROE balance sheet in 2023 reached 18.25% (bank only) and in eliminating the impact of increasing interest costs amidst the
19.95% (consolidated), respectively capable of growing 149 bps trend of increasing interest rates.
and 232 bps on an annual basis. The increase in ROE balance
sheet ROE cannot be separated from the Company’s ability to Efficiency Ratio
optimize its capital which is combined well with the increase
in the Company’s sustainable performance, so that it is able to OPERATIONAL COST RATIO TO OPERATING INCOME (BOPO)
provide ROE at a level that continues to grow and on the other AND COST TO INCOME RATIO (CIR)
hand is able to deliver optimal returns to shareholders. The Company’s efficiency ratio can be seen from BOPO of 64.35%
(bank only) and 68.21% (consolidated) and CIR of 37.74% (bank
NET INTEREST MARGIN (NIM) only) and 41.89% (consolidated). These two efficiency ratios
In the midst of an unfavorable trend of increasing interest show better development than the previous period, this is driven
rates, especially for companies that tend to be more liability by the Company’s success in maintaining operating expense
sensitive, the Company was able to maintain BRI’s net interest growth, which is inseparable from the Company’s optimization
income margin (NIM) in 2023 at 6.84% (bank only) and 7.95% in the use of digitalization, one of which is efficiency in the micro
(consolidated), which is each was even recorded higher than segment which is increasingly efficient by optimizing the use of
the previous year. The Company’s strategy to focus on growth BRISPOT.
Table of Efficiency Ratio (Bank Only, in %)
Bank Only Consolidation
Description
2023 2022 2023 2022
BOPO 64.35 64.20 68.21 69.10
CIR 37.74 41.95 41.89 44.88
Compliance Ratio Position Ratio figure is far below the maximum amount set by BI
based on PBI No. 17/5/PBI/2015 dated May 29, 2015 concerning
PERCENTAGE OF VIOLATION AND EXCEEDING OF LEGAL the Fourth Amendment to PBI No. 5/13/PBI/2003 concerning the
LENDING LIMIT (LLL) Net Open Position of Commercial Banks dated July 1 2010, PDN is
In 2023, BRI did not have debtors, both related and unrelated set at a maximum of 20% of capital.
parties, who did not meet or exceed the Legal Lending Limit (LLL).
Loan Collectability
NET FOREIGN EXCHANGE POSITION RATIO
Net Foreign Exchange Position Ratio is the sum of the absolute Credit collectability can be measured by the asset quality
values of the net difference between assets and liabilities in the ratio or Non-Performing Loans (NPL), BRI is able to maintain
statement of financial position for each foreign currency and very good credit quality, this can be seen in the non-
the net difference of commitments and contingent liabilities performing loan (NPL) ratio in 2023 of 3.12% (bank only)
and receivables in the administrative accounts for each foreign and 2 .95 (consolidated). BRI’s NPL ratio is far below the
currency, stated in Rupiah toward capital. regulatory maximum of 5% (net NPL) (PBI No3/25/2001),
BRI will continue to improve the effectiveness of credit risk
In 2023 Net Foreign Exchange Position Ratio ratio reached 0.64%, management to maintain and improve asset quality.
down compared to 2022 which was 1.17%. Net Foreign Exchange
Table of Collectibility of Granted Loans and Financing (Including Sharia) (Consolidation, in IDR million)
Description 2023 2022
Loans 1,266,429,247 1,139,077,067
Current 1,167,044,003 1,064,210,765
Special Mention 62,062,544 44,418,410
Substandard 5,037,764 3,211,471
Doubtful 7,828,325 5,213,650
PT Bank Rakyat Indonesia (Persero) Tbk.
294 2023 Annual Report
Page 297
Management Discussion and Analysis
on Bank Performance
Description 2023 2022
Loss 24,456,610 22,022,770
NPL 37,322,700 30,447,891
NPL (%) 2.95% 2.67%
The recovery strategy that BRI will implement in 2024 to improve NPLs is as follows:
Organizational
Strengthening & Policy Breakthrough Party Collaboration III FOCUS 2024
Manpower Optimization
Credit settlement through transfer DJKN/KPKNL
Added RM CRR Formation of receivables accompanied by
legal acts Preparation of policies with
adapt to the range of RM (Cessie) billing transfers with partner
constraints companies Organizational Strengthening &
Collection with Manpower Optimization
Fulfillment of Job Managed Service
Property Agent
Openings Preparation of policies with billing
transfers with partner companies assisting the BRI collateral
marketing process
Individual Targets
Financial Consultant Information Systems Development
Changes in individual RM targets Synergy Microsite 123
Wholesale department Collateral marketing
collaboration by conducting collaboration with Rumah 123
economic and legal studies to
resolve problem loans
PPA
Transfer of the credit collection/ Action Booster Program
settlement process to partner
Information Systems companies
Action Booster Program
Development
District Court
Increasing the effectiveness of
Bri Auction Info Extracomtable Rewards filing simple claims Policy Breakthrough
Enhance BRI Auction Info Giving cash rewards
Application
BPN
CRR Brispot Development BRI-Action Collaboration with BPN
regarding processing of land
• Digital Recovery Module. Short trip documents for collateral auction
purposes
Third Party Collaboration
• Restructuring module
• Brispot CRR Application
Interest Rate
The following is information on interest rates for Bank current accounts, savings, and deposits as of December 31, 2023.
Table of Deposit Counter Rate as of December 31, 2023
Savings Product Interest Rate (IDR) Interest Rate (USD)
Current Account 0.00% - 2.00% 0.05% - 0.15%
Savings 0.00% - 1.75% 0.08% - 0.25%
Deposits 2.25% - 4.00% 1.00% - 2.25%
Loan Interest Rate
In general, Prime Lending Rate is calculated based on 3 (three) Prime lending calculation does not take into account the risk
components, namely Fund Cost for Loan arising from customer premium component of the debtor, of which amount depends on
fund raising activities, operating expenses incurred for fund the assessment of the risk of each debtor. As such, the amount
raising activities and lending and profit margin components from of loan interest charged to debtors is not necessarily the same as
lending. the prime lending rate.
The prime lending rate calculation applies to corporate loans,
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 295
Page 298
retail loans, micro loans, and consumer loans (mortgages and non-mortgages). In non-mortgages of consumer loans does not include
the distribution of funds through Credit Cards and Unsecured Loan. However, Bank Indonesia submitted the loan classification according
to the bank’s internal criteria.
Table of Loan Interest Rate
Consumer Loans
Interest Rate Corporate Loans Retail Loans Micro Loans
Mortgages Non- Mortgages
December 2023 8.00% 8.25% 14.00% 7.25% 8.75%
Table of Productive Assets Quality
INDIVIDUAL
December 31, 2023
No DESCRIPTION
Special
Current Sub Standard Doubtful Loss
Mention
I RELATED PARTIES
1 Placements with other banks
a. Rupiah 450,000 - - - -
b. Foreign currencies - - - - -
2 Spot and derivative receivables/forward
a. Rupiah - - - - -
b. Foreign currencies - - - - -
3 Securities
a. Rupiah - - - - -
b. Foreign currencies - - - - -
4 Securities sold with agreement to
repurchase (Repo)
a. Rupiah - - - - -
b. Foreign currencies - - - - -
5 Securities purchased with agreement to
resell (Reverse Repo)
a. Rupiah - - - - -
b. Foreign currencies - - - - -
6 Acceptances receivables - - - - -
7 Loans
a. Micro, Small and Medium loans
(UMKM)
i. Rupiah - - - - -
ii. Foreign currencies - - - - -
b. Non UMKM
i. Rupiah 201,996 - - - -
ii. Foreign currencies - - - - -
c. Restructured loans
i. Rupiah - - - - -
ii. Foreign currencies - - - - -
PT Bank Rakyat Indonesia (Persero) Tbk.
296 2023 Annual Report
Page 299
Management Discussion and Analysis
on Bank Performance
Productive Assets Quality Analysis
The quality of the Company’s productive assets was in very good (bank only) and 2.95 (consolidated). BRI’s NPL ratio was far below
condition, for productive assets outside recorded credit, none of the regulatory maximum of 5% (net NPL) (PBI No3/25/2001),
them were in bad collectability. Meanwhile, productive assets BRI will continue to improve the effectiveness of credit risk
classified as loans had very well maintained quality, this can be management to maintain and improve asset quality.
seen in the non-performing loan (NPL) ratio. ) in 2023 of 3.12%
(in IDR million)
INDIVIDUAL
December 31, 2022
Special
Total Current Sub Standard Doubtful Loss Total
Mention
450,000 - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
201,996 202,378 202,378
- - - - - - -
- - - - - - -
- - - - - - -
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 297
Page 300
INDIVIDUAL
December 31, 2023
No DESCRIPTION
Special
Current Sub Standard Doubtful Loss
Mention
8 Investments in shares - - - - -
9 Other receivable - - - - -
10 Commitments and contingencies
a. Rupiah - - - - -
b. Foreign currencies - - - - -
II THIRD PARTIES
1 Placements with other banks
a. Rupiah 2,486,626 - - - -
b. Foreign currencies 34,143,977 - - - -
2 Spot and derivative receivables/forward
a. Rupiah 794,380 - - - -
b. Foreign currencies 111,193 - - - -
3 Securities
a. Rupiah 213,770,330 - - - -
b. Foreign currencies 125,297,032 - - - -
4 Securities sold with agreement to
repurchase (Repo)
a. Rupiah 5,931,829 - - - -
b. Foreign currencies 14,372,129 - - - -
5 Securities purchased with agreement to
resell (Reverse Repo)
a. Rupiah 33,350,175 - - - -
b. Foreign currencies - - - - -
6 Acceptances receivables 10,217,408 - - - -
7 Loans
a. Micro, Small and Medium loans
(UMKM)
i. Rupiah 607,935,438 39,407,524 3,918,634 6,078,185 13,108,689
ii. Foreign currencies 545,186 - - - 3,464
b. Non UMKM
i. Rupiah 344,928,282 13,540,756 649,914 1,308,688 7,573,504
ii. Foreign currencies 100,903,883 2,846,303 98,396 206,290 2,827,374
c. Restructured loans
i. Rupiah 47,145,841 27,999,127 2,633,548 4,388,655 9,689,390
ii. Foreign currencies 4,996,856 2,702,413 - 131,408 2,820,897
8 Investments in shares 49,254,757 - - - -
9 Other receivable - - - - -
10 Commitments and contingencies
a. Rupiah 115,900,897 1,250,166 51,005 30,246 57,440
b. Foreign currencies 88,444,604 43,719 769 322 3,392
PT Bank Rakyat Indonesia (Persero) Tbk.
298 2023 Annual Report
Page 301
Management Discussion and Analysis
on Bank Performance
INDIVIDUAL
December 31, 2022
Special
Total Current Sub Standard Doubtful Loss Total
Mention
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
2,486,626 1,396,525 - - - - 1,396,525
34,143,977 33,076,140 - - - - 33,076,140
794,380 876,390 - - - - 876,390
111,193 35,015 - - - - 35,015
213,770,330 216,621,868 202,628 - - - 216,824,496
125,297,032 120,645,885 357,104 - - - 121,002,989
5,931,829 2,619,993 - - - - 2,619,993
14,372,129 7,689,962 - - - - 7,689,962
33,350,175 51,014,678 - - - - 51,014,678
-
10,217,408 7,096,719 - - - - 7,096,719
670,448,470 558,334,431 26,504,019 1,762,582 2,805,563 12,686,894 602,093,489
548,650 944,424 - - - 22,861 967,285
368,001,144 313,799,370 8,386,357 320,871 1,851,023 6,880,123 331,237,744
106,882,246 87,619,565 5,000,496 813,322 333,914 1,534,356 95,301,653
91,856,561 101,678,107 18,802,940 1,116,772 3,239,571 10,104,868 134,942,258
10,651,574 5,613,842 4,899,129 598,376 331,163 1,395,759 12,838,269
49,254,757 47,936,173 - - - - 47,936,173
-
117,289,754 121,383,325 499,983 38,573 45,679 15,187 121,982,747
88,492,806 52,301,229 22,531 756 642 288 52,325,446
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 299
Page 302
INDIVIDUAL
December 31, 2023
No DESCRIPTION
Special
Current Sub Standard Doubtful Loss
Mention
III OTHER INFORMATIONS
1 Value of bank’s assets pledge as
collateral:
a. To Bank Indonesia - - - - -
b. To others - - - - -
2 Repossessed assets - - - - -
Strategy for Improving Fee Based
Income
During 2023, BRI was able to record fee-based income and other results while still paying attention to potential risks, optimum
income (bank only) of IDR42.7 trillion or growth of 11.50% yoy. yield generation and cost efficiency.
This income came from fee-based income amounting to IDR20.3
trillion or growing 9.87% yoy, Other Ops Income amounting to Based on Otoritas Jasa Keuangan Regulation no. 11/
IDR6.16 trillion or decreasing 22.93% yoy, Recovery income POJK.03/2016 dated January 29, 2016 concerning Minimum
from productive assets that had been written off amounting Capital Requirements for Commercial Banks (POJK 11/2016)
to IDR16.28 trillion or grew 37.26% yoy. In 2023, the largest as amended by Otoritas Jasa Keuangan Regulation No. 34/
increase in BRI’s fee-based income will be obtained from POJK.03/2016 concerning Amendments to OJK Regulation no.
e-channel and e-banking transactions, savings services, credit 11/POJK.03/2016 concerning Minimum Capital Requirements
services and trade finance services. BRI will continue to increase (KPMM) (POJK 34/2016) states that Banks are required to
fee based income by focusing on increasing e-channel and provide minimum capital according to their risk profile and form
e-banking transactions in every segment, from the ultra micro additional capital as a buffer with the following details:
to wholesale segments by providing various services and services 1. Minimum according to the risk profile of 9% to less than
according to the characteristics of these segments supported 10% (for Banks with a risk profile Rank 2 according to the risk
by its digital initiatives so that it is easier for each customer profile ranking of Bank BRI as of December 31, 2023);
to carry out transactions such as BRIMO, digital saving, cash 2. The Capital Conservation Buffer is set at 2.5% (two point five
management system and branchless banking/BRILink agency percent) of RWA;
business. In addition, increasing fee based income is carried out 3. Countercyclical Buffer is set in the range of 0% (zero
through cross sell by collaborating with Subsidiaries percent) to 2.5% (two point five percent) of RWA (based on
Bank Indonesia press release No. 25 /102/DKom, set at 0%
Capital Structure by Bank Indonesia as of April 18, 2023 );
4. Capital Surcharge for Systemic Banks is set in the range of
Management Policy for Capital Structure 1% (one percent) to 2.5% (two point five percent) of RWA.
and Fundamental Selection of Management
Policy in Capital Structure BRI’s total minimum KPMM as of December 31, 2023 was at
the level of 14.44% (bank only) and 14.48% (consolidated), so
Capital structure management aims to ensure that BRI always BRI’s total KPMM as of December 31, 2023 was 25.23% (bank
maintains sufficient capital to cover the risks inherent in only) and 27.27% (consolidated) has complied with regulatory
managing its business without reducing the optimization of value requirements.
for shareholders.
In terms of capital structure, as of December 2023, BRI had core
The Company has an ALCO Committee as a supporting organ capital (Tier-1) of IDR238.96 trillion (bank only) and IDR283.95
for the Board of Directors to periodically review the Company’s trillion (consolidated) as well as Supplementary Capital (Tier-2) of
capital structure. The ALCO Committee also has duties and IDR11.61 trillion (bank only) and IDR12.50 trillion (consolidated)
responsibilities in determining strategies and policies for with Tier-1 CAR ratios reaching 24.06% (bank only) and 26.12%
managing the Company’s assets and liabilities to achieve optimal (consolidated). BRI’s Core Capital (Tier-1) is the same as Main Core
PT Bank Rakyat Indonesia (Persero) Tbk.
300 2023 Annual Report
Page 303
Management Discussion and Analysis
on Bank Performance
INDIVIDUAL
December 31, 2022
Special
Total Current Sub Standard Doubtful Loss Total
Mention
- - - - - - -
- - - - - - -
56,502 - - - - - 62,732
Capital (CET-1) because BRI does not have Additional Core Capital Main Core Capital (CET-1) of 4.5% determined by the Regulator.
(Additional Tier 1).
Therefore, BRI’s Core Capital Ratio (Tier-1) has been far above the Capital Structure Details
minimum requirement of 6% and the minimum requirement of
A detailed description of the capital structure is presented as follows.
Table of Capital Structure
(consolidated, in IDR million)
Description 2023 2022
Core (Tier 1) 283,949,415 273,812,348
Common Equity (CET 1) 283,949,415 273,812,348
Supplementary Capital (Tier 2) 12,499,593 11,269,263
Total Capital Available 296,449,008 285,081,611
RWA for Credit Risk after calculating specific risks 961,506,352 896,125,781
RWA for Market Risk 5,214,599 5,165,797
RWA for Operational Risk 120,236,798 214,959,103
Total RWA 1,086,957,749 1,116,250,681
CAR Ratio 27.27% 25.54%
CET 1 Ratio 26.12% 24.53%
Tier 1 Ratio 26.12% 24.53%
Tier 2 Ratio 1.15% 1.01%
Minimum CAR Based on Risk Profile 9.48% 9.47%
Information on Capital and Risk Exposure
In accordance with the complexity of its business, the Bank types of risk are presented in the Risk Profile and Management
manages 8 (eight) types of risk, namely credit risk, liquidity risk, section on Corporate Governance in this Annual Report.
market risk, operational risk, legal risk, reputation risk, strategic
risk and compliance risk. However, this section only describes risk Based on the Otoritas Jasa Keuangan Regulation (POJK) Number
management practices for credit risk, market risk, liquidity risk 32/POJK.03/2016 concerning Amendments to the Otoritas Jasa
and operational risk. Meanwhile, explanations related to other Keuangan Regulation Number 6/POJK.03/2015 concerning
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 301
Page 304
Transparency and Publication of Bank Reports Article 13A Banks The business model for BRI on a consolidated basis with
are required to add quantitative information on risk exposures Subsidiaries is reflected in the parameters/indicators used in
faced by Banks on Publication Report, Otoritas Jasa Keuangan assessing the inherent risk of credit risk, including:
Circular Letter (SEOJK) Number 9/SEOJK.03/2020 of 2020
concerning Transparency and Publication of Conventional 1. Asset portfolio composition and level of concentration
Commercial Bank Reports and POJK Number 18/POJK.03/2016 In measuring concentration level risk, Subsidiary Companies
concerning Implementation of Risk Management. use parameters including the following: Composition of
credit, financing and investment provided to total assets;
Credit Risk MSME loan composition; Composition of credit, financing
and investment to large non-bank debtors outside related
I. Disclosure of Qualitative Information parties; and credit concentration per industrial sector.
Regarding General Credit Risk (CRA)
2. Quality of funding provision and adequacy of reserves
A. BUSINESS MODEL REFLECTED IN THE BANK’S CREDIT The quality of funding provision is reflected in indicators
RISK PROFILE COMPONENT including: Ratio of low quality loans, financing and
investment (LaR/Loan at Risk) to total loans, financing and
The business model for BRI individually is reflected in the investment; Ratio of non-performing loans, financing and
parameters/indicators used in assessing the inherent risk of investment to total loans, financing and investment (NPL);
credit risk and those used in determining the amount of credit and the adequacy of reserves is reflected in LaR coverage,
risk reserves, which include: NPL coverage and the amount of Allowance for Impairment
Losses on loans to total loans.
1 Asset portfolio composition and level of concentration
In measuring the level of credit concentration risk, BRI uses 3. Fund provision strategy and sources of fund provision
parameters including: The composition of loans granted to The strategy for providing funds and the source of the
total assets, currently at 62.45% or at a Low risk profile; the provision of funds is reflected in the annual credit growth
composition of non-corporate loans (Micro, Consumer, Small, target as well as the LDR or Loan to Deposit Ratio target.
Medium) of total loan is 81.95% with a Low to Moderate The credit growth target is determined by considering
risk profile; Credit composition to the 25 largest non-bank macroeconomic conditions, such as economic growth and
debtors (groups) excluding related parties to total credit at inflation, as well as the liquidity conditions of the banking
13.36% or Low risk profile, as well as credit composition per industry.
economic sector
4. External factors
2. Quality of funding provision and adequacy of reserves Several external factors can influence growth and credit
The quality of funding provision is reflected in the indicator quality, including: economic growth, inflation, consumption
of the amount of low quality loans (LaR or Loan at Risk) of levels, export growth, interest rates, gold prices and
total loans of 12.54% and maintained at a low risk level. unemployment rates.
The amount of non-performing loans to total loans (NPL)
is 3.12%. The adequacy of reserves is reflected in the LaR B. CRITERIA AND APPROACHES USED TO DETERMINE
coverage and NPL coverage ratios. The LaR coverage was CREDIT RISK MANAGEMENT POLICIES AND DETERMINE
53.59%, above the minimum appetite of 39.81%, while the CREDIT RISK LIMITS
NPL coverage was 215.27%.
1. The criteria and approaches used by BRI individually to
3. Fund provision strategy and sources of fund provision determine Credit Risk Management policies and determine
The strategy for providing funds and the source of the provision Credit Risk limits are as follows:
of funds is reflected in the annual credit growth target as well The preparation of Policies and Procedures must fulfill the
as the LDR or Loan to Deposit Ratio target. The credit growth following points:
target is determined by considering macroeconomic conditions, a. Compliance with rules and regulations.
such as economic growth and inflation, as well as the liquidity b. Hierarchy and authority
conditions of the banking industry. c. Clear regulatory scope
d. Directive, applicable and contains elements of control.
4. External factors e. Oriented towards effectiveness and sustainable business.
Several external factors can influence growth and loan quality,
including: economic growth, inflation, consumption levels,
export growth, interest rates and unemployment rates.
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The application and implementation of the Bank Credit 2. Criteria and Approaches used by Financing Companies to
Policy (KPB) must be in accordance with the organization, so determine Credit Risk Management policies and determine
that the implementation of the KPB is as follows: Credit Risk limits
a. Must be used, implemented and implemented and Management of policies and procedures must meet the
adhered to by all workers related to credit, including following principles:
members of the Board of Commissioners and Directors, a. Principle of harmony
consistently and consistently. b. Principle of suitability of authority
b. This also applies to overseas work units, but the c. Principles of effectiveness and efficiency
implementation can be adjusted to local banking d. Principles of sustainability
regulations. e. Principles of good stewardship and accessibility
c. To be able to support the implementation and
implementation of the KPB, apart from understanding The approach used to determine Credit Risk Management
and complying with the KPB as well as possible, every policies is as follows:
credit officer is also required to: a. Business process approach by developing policies and
- Understand and comply with the implementation procedures in each business financing process.
guidelines for each business sector as well as other b. Risk scoring approach by developing analytical tools
credit regulations in the field, including changes. based on statistical methods to assess the risk profile
- Understand and comply with regulations and policies of prospective debtors individually in predicting the
from regulators, follow developments and changes Probability of Default (PD).
in provisions or regulations as well as all issues c. The process of measuring and calculating corporate
related to credit, whether local, regional, national or financing risk is carried out in the form of measuring risk
international in scope. profiles and monitoring Risk Appetite Criteria (RAC).
Determination of the Credit Risk Limit is carried out by taking Determination of Credit Risk limits is carried out by taking
into account the following matters: into account the following matters:
a. Credit Risk Limits are determined for a business segment a. Credit Risk Limits are determined for a business segment
(work unit and individual worker), industrial sector, (work units and employees), industrial sector, customer
customer (debtor) or counterparty, related party, or counterparty, related parties, economic sector or
economic sector or other forms of classification. other forms of classification.
b. Credit Risk limits are set at the portfolio level or overall b. Credit Risk limits are determined according to risk
level for all products and activities that have Credit appetite, portfolio, RKAP and applicable regulatory and
Risk exposure including: credit portfolios, securities internal provisions.
transactions, trade finance transactions, and other c. Determination of limits is carried out using historical
products and activities that contain Credit Risk. data and taking into account the average data and
c. The Credit Risk limit is determined every year according standard deviation during the data collection period.
to the risk appetite and applicable regulations. d. As for parameters for which historical data as support is
d. Determination of limits is carried out using historical not yet available, they can be determined using expert
data and taking into account the average data and judgment by considering the Company’s Long Term Plan
standard deviation during the data collection period. (RJPP), Company Budget Work Plan (RKAP), external
e. As for parameters for which historical data as support is data, expertise, knowledge, experience possessed by the
not yet available, they can be determined using expert decision maker and regulatory provisions. applicable.
judgment by considering the Bank Business Plan (RBB), e. In determining risk limits, apart from considering these
Company Budget Work Plan (RKAP), external data, things, you can also consider forward looking factors such
expertise, knowledge, experience possessed by the as macroeconomic variables, risk issues and other factors.
decision maker and regulatory provisions. applies. The Board of Directors signs the amount of risk limit
f. In determining risk limits, apart from considering these determination in the risk limit statement document (Risk
things, you can also consider forward looking factors such Appetite Statement-RAS) to be subsequently reported to
as macroeconomic variables, risk issues and other factors. Shareholders, Board of Commissioners and Directors.
g. The division within the SKMR in charge together with f. Financing concentration limits are managed by preparing
the Operational Work Unit formulates and proposes the Financing Portfolio Guidelines, limiting heavy equipment
objects and dimensions of the Credit Risk Limit to the mining financing, setting the Maximum Financing
Board of Directors or RMC to be decided and determined. Limit (BMPP) and determining the Financing Authority
Delegation Decision (PDWP).
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g. Credit Risk Limits are determined, among other things, Company’s Risk Appetite.
including limits for the authority to make financing - Investment Universe (Bond Universe and Equity
decisions which are adjusted to decision-making Universe) is a list of securities that have received
competence and the level of risk and taking into account approval from the Risk Management Committee
that there is no conflict of interest in the financing (KPR) which can be used as underlying assets by
process provided to customers, determining Limits of the Investment Manager in portfolio management.
Authority to Decide on Financing (BWMP) including Bank Universe is a list of Counterparty Banks that
limits on handling authority. problematic financing and have obtained Risk Management Committee
delegation of authority to decide on financing carried (KPR) approval which can be used for placing
out in accordance with company regulations. time deposits. Time deposit placement limits at
Counterparty Banks are determined by the Risk
3. Criteria and Approaches used by Securities Companies to Management Committee (KPR) and are reviewed 2
determine Credit Risk Management policies and determine (two) times a year.
Credit Risk limits. The Risk Management Policy regulates risk
management principles, including: 4. Criteria and Approaches used by Insurance Companies to
a. Risk management policy. determine Credit Risk Management policies and determine
b. Risk Management Governance. Credit Risk limits. The Risk Management Policy regulates risk
c. Risk Management Framework. management principles, including compliance with rules and
d. Implementation/Risk Management Process. regulations, compliance with hierarchy and authority, clear
e. Risk Criteria. regulatory scope, directives and oriented towards effectiveness
f. Risk Management Work Unit. and sustainable business. Determination of Credit Risk limits is
g. Approval Authority Policy. carried out by taking into account the following matters:
h. Securities Trading Transaction Policy. a. Credit Risk Limits are set for risks related to reinsurance
i. Margin Policy. and investment.
j. Tradable shares policy. b. The Credit Risk Limit is determined every year in
k. Short Term Warehouse Policy. accordance with the Risk Appetite and applicable
l. Non-Performing Asset Policy. regulations
m. Margin Transaction SOP (opening a margin account until c. Determination of risk limits uses one or a combination
closing a margin account and extending margin) of regulatory, historical, expert judgment methods by
n. SOP for securities trading transactions. considering the Company’s Business Plan, Company
Budget Work Plan (RKAP), etc.Limit Credit Risk
The implementation of Credit Risk management is reflected ditetapkan untuk riisko yang berkaitan dengan reasuransi
in the following matters: dan investasi.
a. There is due diligence and risk analysis of transactions
and products before they are carried out by the Business C. CREDIT RISK MANAGEMENT STRUCTURE AND
Division. Due Diligence and risk analysis are carried out ORGANIZATION AND CONTROL FUNCTION
by the Business Division and Risk Management Division
as outlined in the form of a Risk Evaluation Memorandum To support healthy credit provision and the implementation of
(MER) which is the basis for significant decision making internal control elements from the initial stages of the activity
by the Directors and Commissioners. process, in addition to the relationship between bank officials
b. Providing credit limits (margin or other financing) to in credit such as the Board of Commissioners, Directors, other
brokerage customers in accordance with the customer’s Credit Officials and/or work units, BRI and Bank Subsidiaries and
background, financial profile and transaction history. Pegadaian It also has a Credit Policy Committee (KKP) and Credit
Approval for granting this limit is based on a matrix Committee (KK) which are BRI’s credit instruments.
of authority to grant approval in accordance with
predetermined risk appetite and risk tolerance. The duties and responsibilities of each credit instrument in
c. Limitations on shares that can be pledged and transacted general are as follows:
by brokerage customers. These restrictions include: 1. Board of Commissioners
- The share value is recognized as the customer’s The duties and responsibilities of the Board of Commissioners
portfolio value by determining the share haircut as a credit instrument are as follows:
based on regulatory regulations and reassessment a. Approve the RBB which includes: annual credit plan,
by Risk Management. plan for providing credit to related parties, and credit to
- The types of margin shares that may be transacted certain large debtors submitted to the OJK.
are based on the circular issued by the Indonesian b. Supervise the implementation of credit granting plans
Exchange every month and the valuation carried c. Approve Bank Credit Policy (KPB)
out by Risk Management in accordance with the d. Request an explanation and/or accountability from the
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Management Discussion and Analysis
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Board of Directors for: b. Refuse requests and/or influence from interested parties
- Development and quality of the overall credit in credit applications to provide credit approval which is
portfolio only a formality.
- Corrective steps if the implementation of credit c. Coordinating with ALCO in aspects of credit funding
disbursement deviates from the established credit plan.
- Deviations in the implementation of the KPB. 5. Credit Work Unit and Credit Officers
Credit Work Units (SKP) are Relationship Management (RM)
2. Board of Directors and Credit Risk Management (CRM) ranks located at the
The duties and responsibilities of the Board of Directors as a Head Office, Regional Offices, Special Branch Offices, Branch
credit instrument are as follows: Offices, Sub-Branch Offices, BRI Units and BRI Work Units
a. Prepare and be responsible for: abroad. Credit officers consist of credit line workers and
- Preparation of KPB. credit support workers.
- Preparation of precredit plans contained in the RBB.
- Implementation of corrective steps based on For Financing Companies, based on company accountability, the Risk
evaluation results and suggestions submitted by the Management Work Unit consists of the Enterprise Risk Management
Credit Policy Committee (KKP). Section, Operational Risk Management Section, Modeling and
- Implementation of corrective steps for various Portfolio Management as well as the Policy and Procedures Section.
irregularities in credit discovered by internal audit. SKMR is responsible for achieving a healthy financing portfolio,
b. Ensure that the KPB has been implemented and periodically reviewing financing policies and guidelines, delegating
implemented consistently and consistently. authority to decide financing to Credit Risk Management officials in
c. Determine members of the KKP and Credit Committee accordance with limits, ratifying Financing Portfolio Guidelines and
(KK). members of the Financing Committee.
d. Report regularly to the Board of Commissioners regarding
developments in the overall quality of the portfolio and Based on the financing implementation guidelines, the
deviations in the implementation of the KPB. organizational structure and financing management are
regulated to support the provision of healthy financing and the
3. Credit Policy Committee (KKP) implementation of risk management in the financing business
The duties and responsibilities of the KKP as a credit process through:
instrument are as follows: a. Work units related to financing consist of Relationship
a. Providing input to the Board of Directors in the Management and Credit Risk Management.
preparation of the KPB, especially the formulation of b. Financing Work Unit and Financing Officer
prudential principles in credit as regulated in the OJK c. The Financing Committee is a collegial operational tool in
PPKPB. carrying out financing evaluations and decisions.
b. Supervise the implementation of the KPB in a responsible d. Officials involved in the initiative process and funding
and sustainable manner. decisions.
c. Conduct regular KPB reviews
d. Evaluate the correctness of the implementation of the Taking into account the development of Credit Risk and business
authority to decide on credit or provide funds, the process complexity in Financing Companies with a focus on Credit
of granting credit or providing funds, implementation Risk management, the suitability of prospective customers is
of LLL provisions, allowance for reserves, resolution of determined through credit scoring, determining the level of
problem loans and compliance with other laws. approval and limits of authority to decide on financing by the
e. Conduct a review of the effectiveness of the credit Financing Committee as stated in the ULaMM/ULaMM Financing
internal control system. and Operational Policy Sharia and Mekaar/Mekaar Sharia as well
f. Report to the Board of Directors and Board of as determining approval level schemes and authority limits to
Commissioners regarding the results of supervision of decide on tiered financing.
the implementation of the KPB and evaluation results
reports. For Venture Companies, the formation of an Organizational
g. Monitor the development of the quality of the credit or Structure takes into account the complexity of business
financing portfolio as a whole. processes and daily operations. In connection with this, the
Venture Company established a Risk Management Work Unit
4. Credit Committee (KK) which is under the supervision of the Portfolio & Finance Director.
The duties and responsibilities of KK as a credit instrument The work units in contact with investment risk are all divisions
are as follows: under the Investment Directorate and the Kupang Financing
a. Provide credit approval based on competence honestly, Branch Office which is under the supervision of the Portfolio &
objectively, carefully and thoroughly. Finance Directorate. To realize healthy business activities and
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 305
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implement internal control elements, the Company formed a of transaction limits.
committee for investment activities (both deploy/divest). b. The Investment Committee is tasked with discussing,
evaluating, recommending and determining the range of
For Securities Companies, the Risk Management Division is a investments, investment limits, types of investments and
Risk Management Work Unit (SKMR) which is independent of investment strategies that must be implemented by the
operational work units and is directly responsible to the Director Investment Management Team.
in charge of the Risk Management Function. In managing c. The Product Committee is tasked with approving product
risks arising from business activities and coordinating all risk formation, evaluating existing products, proposing product
management activities, relevant Executive Committees were development/mergers, and proposing product marketing
formed, which include, among other things: concepts to the Board of Directors.
a. The Risk Management Committee is tasked with providing
recommendations to the Board of Directors related to For Insurance Companies, to control the growth of Credit Risk
the preparation/refinement of the Risk Management and implement elements of internal control starting from
Policy, determination (justification) of matters related to the early stages of the activity process, in addition to the
business decisions that deviate from normal procedures relationship between officials in Credit Risk such as the Board of
(irregularities), determination of policies and procedures, Commissioners, Directors, other officials and/or work units, the
determination / Investment Universe approval, and approval Insurance Company has an Investment Committee.
D. THE RELATIONSHIP BETWEEN THE FUNCTIONS OF CREDIT RISK MANAGEMENT, RISK CONTROL, COMPLIANCE AND INTERNAL
AUDIT
Board of Directors and Board of Commissioners
Active Supervision of the Adequacy of Policies, Adequacy of MR Process
Adequacy of
Board of Directors and Procedures and Setting & Risk Management
Internal Control
Board of Commissioners Limits Information System
Board of Risk Management Function
Board of Director
Commissioners Identification, Measurement,
Executing Function
Oversight Function Monitoring, Control
Three Lines Model
Risk Risk Management
Management 1st Line 2nd Line 3rd Line
Committee Credit Policy
Monitoring Committee
Committee Independent
Credit Strategic Business Unit Risk Unit Assurance
Risk Risk
Internal
Market Compliance Compliance Audit Unit
Integrated Operation
Risk Risk Credit Unit
Governance
Committee
Committee
Liquidity Reputation Risk Taking Unit Risk & Compliance
Risk Risk Control
Operational Intragroup
Risk Risk Integrated Risk
Audit Management
Committee Committee Risk Management
Legal Insurance
Risk Risk
Information System
Climate Change Risk ESG Committee
In implementing Credit Risk Management at BRI, the Risk Management function is part of the Risk Management Work Unit
Management Director oversees the Credit Risk Management which consists of:
function as well as the Credit Risk Control Unit. The Credit Risk 1. Credit & Product Risk Policy Division plays a role in preparing
credit policies and preparing the Internal Risk Rating model.
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Management Discussion and Analysis
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2. Market, Portfolio & Enterprise Risk Division plays a role in Work Unit. The Internal Audit function has the responsibility
preparing credit portfolio policies, preparing credit risk limits, and authority to carry out internal audit activities in the form of
preparing policies & calculating Allowance for Impairment Assurance services and consulting services as a Strategic Business
Losses and RWA for credit risk as well as portfolio monitoring, Partner for the company’s business processes. In controlling the
as well as credit risk stress tests. growth of credit risk and implementing internal control elements
starting at the initial stage of the activity process, in addition to
The Credit Risk Control Unit is divided into business segments, the relationship between officials in credit risk such as the Board
namely: of Commissioners, Directors, other officials and/or divisions, an
1. Wholesale Credit Risk Analysis Division plays a role in Investment Committee is also formed to determine investment
controlling credit risk in the corporate segment on a policy and investment decisions to related parties and third
transactional basis. parties with a certain nominal value and time period.
2. The Executive Risk Officer Team plays a role in controlling
credit risk in the Medium segment on a transactional basis. For Venture Companies, the investment risk management
3. Credit Risk Analysis Regional Office plays a role in controlling function is divided into two parts, namely before the investment is
credit risk in the Medium segment on a transactional basis. made (investment risk management) and after the investment is
made (portfolio risk management). At the pre-investment stage,
The Compliance Function is carried out by the Compliance the investment team coordinates with the risk management,
Division and the Policy & Procedure Division has a role in compliance and legal departments to ensure that all investment
formulating policies, preparing Standard Operating Procedures, stages are compliant. Apart from the Risk Management Work
and carrying out Compliance Tests to ensure that BRI has Unit of BRI Ventures, there is a Internal Audit Work Unit of BRI
complied with applicable laws and regulations and ensures that Ventures which functions as internal control and third line of
business activities do not deviate from laws and regulations. defense in implementing company risk management. Internal
Audit Work Unit of BRI Ventures contributes to providing support
The Internal Audit Work Unit as Independent Assurance for internal control and fraud indication. Internal Audit Work Unit
has an important role in assessing the effectiveness of of BRI Ventures also periodically carries out risk based audits. In
the implementation of credit risk management, both on a its implementation, the audit process is also monitored by the
transactional basis and on a portfolio basis. Apart from that, BRI Internal Audit Work Unit team offsite. If necessary, the BRI
Internal Audit Work Unit is also a member of the Credit Policy Internal Audit Work Unit team can carry out ad-hoc joint audits.
Committee so that recommendations from audit results are part This is aimed at maintaining operational efficiency at BRI Ventura
of improving credit policy. without reducing the quality of audit results.
In Subsidiary Companies, the implementation of second line E. SCOPE AND MAIN INFORMATION FROM REPORTING ON
and third line of defense is adjusted to business needs and CREDIT RISK EXPOSURE AND CREDIT RISK MANAGEMENT
operational complexity as seen from the organizational structure FUNCTIONS TO THE BOARD OF DIRECTORS AND BOARD OF
of each Subsidiary Company. For Bank Subsidiaries, Pegadaian COMMISSIONERS
and Finance Companies, the risk management function plays a
role in monitoring and controlling risks in aggregate as well as BRI’s Risk Management Work Unit and all Subsidiary Companies
developing credit risk policies & methodologies. Control over in charge of credit risk prepare risk management reports in a
problem loans (Substandard, Doubtful and Loss Collection) is format that complies with applicable regulations, both on a
carried out by Credit Risk Management (CRM) or RM (Relationship consolidated and integrated basis. Credit risk management
Management) officers appointed to handle problem loans. In reporting to the Board of Directors, Board of Commissioners and
addition, the compliance function ensures due diligence regarding certain parties, including:
credit provision with the decision of the credit committee and 1. Individual and Consolidated Bank Risk Profile and Health
the Internal Audit Work Unit plays a role in ensuring that credit Level Reports
provision meets the principles of healthy credit provision and is 2. Allowance for Impairment Losses and ATMR reports for Credit
in accordance with the credit policy and Credit Grant Guidelines. Risk
3. Loan growth progress report
For Insurance Companies, the Risk Management function has 4. Credit quality development report
the responsibility and authority to manage the preparation/ 5. Report on the development of restructured credit
evaluation/refinement of risk management plans and strategies 6. Report on the use of the write-off budget (PH) and the
as well as policies, methodologies, guidelines for risk management realization of recovery income
tools and measurements. The Compliance Function has the 7. Monitoring reports on Allowance for Impairment Losses
responsibility and authority to manage and evaluate activities, costs and reserve ratios, for example NPL Coverage and LAR
operational activities, Company policies and guidelines that are Coverage
adequate in accordance with legal and regulatory provisions, as 8. Credit Risk Stress Test Results both in portfolio and for large
well as managing all Regulatory policies implemented in each customers
PT Bank Rakyat Indonesia (Persero) Tbk.
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II. Disclosure of Credit Quality on Assets (CR1)
BRI Individually (in IDR million)
Gross Carriying Value CKPN
CKPN
Claims Net Worth
CKPN (IRB
That Have Impaired Stage 2 and (a+b+c)
Stage 1 Approach)
Been Bills Stage 3
Due
a b c d e f g
1 Loans 137,986,390 1,008,096,116 77,009,890 57,924,952 19,084,938 1,069,072,616
2 Securities 0 290,676,869 65,374 0 65,374 290,611,495
3 Administrative Account Transactions 8,804,892 197,125,074 5,386,903 4,239,226 1,147,677 200,543,063
4 Total 146,791,282 1,495,898,059 82,462,167 62,164,178 20,297,989 1,560,227,174
BRI Consolidated with Subsidiaries (in IDR million)
Gross Carriying Value CKPN
CKPN
Claims Net Worth
CKPN (IRB
That Have Impaired Stage 2 and (a+b+c)
Stage 1 Approach)
Been Bills Stage 3
Due
a b c d e f g
1 Loans 142,339,380 1,132,170,905 87,538,517 63,521,233 24,017,284 1,186,971,768
2 Securities 0 296,328,506 66,795 0 66,795 296,261,711
Administrative Account
3 8,816,218 197,261,760 5,386,968 4,239,291 1,147,677 200,691,010
Transactions
4 Total 151,155,598 1,625,761,171 92,992,280 67,760,524 25,231,756 1,683,924,489
Additional Disclosures
Mature Claims are all Mature Claims more than 90 (ninety) days, both for principal payments and/or interest payments or debtors who
are in default.
III. Disclosure of Mutations In Credits and Mate Securities (CR2)
BRI Individually (in IDR million)
a
1 Loans and Securities that have matured in the last reporting period 157,791,847
2 Loans and Securities that have matured since the last reporting period 36,108,904
3 Loans and Securities that return to bills that have not yet matured 17,068,875
4 Write-off value 16,204,327
5 Another change (22,641,159)
6 Credit and Securities that have matured at the end of the reporting period (1+2-3-4+5) 137,986,390
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Management Discussion and Analysis
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BRI Consolidated with Subsidiaries (in IDR million)
a
1 Loans and Securities that have matured in the last reporting period 163,823,954
2 Loans and Securities that have matured since the last reporting period 37,486,143
3 Loans and Securities that return to bills that have not yet matured 19,101,898
4 Write-off value 16,549,471
5 Another change (23,319,348)
6 Credit and Securities that have matured at the end of the reporting period (1+2-3-4+5) 142,339,380
Additional Disclosure
IV. Additional Disclosures Regarding the Quality of Credit on Assets (CRB)
A. QUALITATIVE
Scope and Definition of Matured Claims and Impaired Claims b. Measurement of Expected Loan Losses
Matures Claims are all Matures Claims more than 90 (ninety) The main inputs in measuring expected loan losses are the
days, both for principal payments and/or interest payments or following variables:
debtors who are in default. Bills that are impaired in value are - Probability of Default (PD)
bills that experience a condition where an adverse event occurs - Loss of Given Default (LGD)
(objective evidence) as a result of one or more events that occur - Exposure at Default (EAD)
after the loan is granted which has an impact on the debtor’s
ability to pay in the future. All Mature Claims more than 90 days These parameters generally come from internally developed
old are included in the bill as having an impairment value. statistical models and other historical data. These parameters
are adjusted to reflect forward-looking information.
Input, Asumsi, dan Teknik Yang Digunakan Dalam Mengestimasi
Penurunan Nilai The PD estimate is an estimate as of a specific date, calculated
a. Use of forward-looking information based on a statistical rating model, and assessed using ratings
The Bank uses forward-looking information in assessing adjusted for various categories of debtor and exposure. This
whether there has been a significant increase in Credit Risk statistical model is based on internally compiled data consisting
and measuring expected Loan losses. Based on advice from of quantitative, qualitative factors and forward-looking estimates.
the Risk Management Committee, economic experts and
consideration of various actual information and external LGD is the amount of loss if a payment default occurs. LGD
estimates, the Bank formulates a basic view (base case) parameters are estimated historically based on the recovery
regarding the movement of relevant economic variables rate of claims against defaulting debtors. LGD is also observed
in the future as well as estimates of other scenarios that by considering cash collateral which is an integral part of the
may occur. This process involves developing two or more outstanding financial assets as well as costs incurred in the
additional economic scenarios and considering the relative recovery process.
probabilities of possible outcomes. External information
includes economic data and forecasts published by, such as EAD represents the estimated exposure in the event of default.
government bodies and selected private sector analysts and The EAD of a financial asset is the gross carrying amount. For
academics. The basic view (base case) is used in strategic loan commitments and financial guarantees, the EAD includes
planning and budgeting. The other scenarios reflect more the amount that has been drawn, as well as the potential future
optimistic outcomes and more pessimistic outcomes. amount to be drawn, estimated based on historical observations.
PT Bank Rakyat Indonesia (Persero) Tbk.
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B. QUANTITATIVE
1) Disclosure of Net Claims by Region
BRI Individually
December 31, 2023
No Portfolio Category Region
Jakarta Borneo and Sulawesi Bali & Nusa Tenggara Eastern Indonesia
a b c d e f
1 Claims against Government 406,510,805 - - -
Claims against Public Sector
2 89,613,901 749,987 - -
Entities
Claims against Multilateral
3 Development Banks and - - - -
International Institutions
4 Claims against Banks 63,815,228 2,805 - -
5 Claims on Covered Bonds - - - -
Claims to Securities Companies
6 and Other Financial Services 2,682,595 - - -
Institutions
Receivables in the form of
Securities/Subordinated
7 5,560,175 - - -
Receivables, Equity and Other
Capital Instruments
Residential Property Secured
8 12,238,116 21,327,795 8,235,359 4,120,161
Loans
Commercial Property Secured
9 3,776,565 5,147,960 2,060,976 1,336,583
Loans
Credit for Land Acquisition,
10 Land Processing and 1,900,894 3,748,578 703,073 68,677
Construction
11 Employee or Pensioner Credit 9,559,254 36,995,284 12,100,139 10,780,419
Bills on Micro Businesses, Small
12 103,055,001 54,962,483 75,417,509 32,565,302
Businesses and Retail Portfolio
13 Bills on Corporations 136,814,743 14,369,731 2,706,404 2,682,446
14 Claims That Have Been Due Date 12,837,462 12,781,888 6,160,041 2,119,814
15 Other Assets 49,190,485 9,325,491 4,673,910 2,970,423
TOTAL 897,555,223 159,412,002 112,057,410 56,643,825
*) Note: December 2022 position is not yet available because this is the first report
BRI Consolidated with Subsidiaries
December 31, 2023
No Portfolio Category Net Bills By Region
Jakarta Borneo and Sulawesi Bali & Nusa Tenggara Eastern Indonesia
a b c d e f
1 Claims against Government 410,961,590 - - -
Claims against Public Sector
2 90,208,788 749,987 - -
Entities
PT Bank Rakyat Indonesia (Persero) Tbk.
310 2023 Annual Report
Page 313
Management Discussion and Analysis
on Bank Performance
(in IDR million)
December 31, 2023
Region
West Java & Banten Central Java and DIY East Java Sumatera Other Total
g h i j k l
- - - - 1,207,001 407,717,806
6,631,633 1,882 666,841 1,763,030 - 99,427,274
- - - - - -
5,076 2,906 2,283 - - 63,828,298
- - - - - 0
- - - - - 2,682,595
- - - - - 5,560,175
15,235,886 18,957,698 19,385,793 24,097,718 - 123,598,526
5,837,216 2,622,677 5,455,095 7,708,663 - 33,945,735
152,725 2,294,804 279,555 608,508 - 9,756,815
18,682,474 10,818,992 12,531,402 25,391,590 - 136,859,554
13,589,473 82,304,455 86,339,094 68,684,162 7,853,317 524,770,796
12,285,277 7,264,781 12,409,380 15,640,558 15,408,510 219,581,829
16,458,776 10,811,566 10,364,498 10,559,118 325,037 82,418,200
7,726,633 9,068,768 7,098,440 11,028,537 2,442,739 103,525,425
96,605,169 144,148,530 154,532,381 165,481,884 27,236,604 1,813,673,028
(in IDR million)
December 31, 2023
Net Bills By Region
West Java & Banten Central Java and DIY East Java Sumatera Other Total
g h i j k l
- - - - 1,240,456 412,202,046
6,631,633 1,882 666,841 1,763,030 3,380 100,025,541
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 311
Page 314
December 31, 2023
No Portfolio Category Net Bills By Region
Jakarta Borneo and Sulawesi Bali & Nusa Tenggara Eastern Indonesia
a b c d e f
Claims against Multilateral
3 Development Banks and - - - -
International Institutions
4 Claims against Banks 67,566,541 65,394 16,247 -
5 Claims on Covered Bonds - - - -
Claims to Securities Companies
6 and Other Financial Services 2,682,595 - - -
Institutions
Receivables in the form of
Securities/Subordinated
7 7,513,064 5,039 1,308 -
Receivables, Equity and Other
Capital Instruments
Residential Property Secured
8 12,371,192 21,339,449 8,235,359 4,120,161
Loans
Commercial Property Secured
9 4,098,047 5,149,249 2,060,976 1,336,583
Loans
Credit for Land Acquisition,
10 Land Processing and 1,900,894 3,757,579 703,073 68,677
Construction
11 Employee or Pensioner Credit 10,245,686 36,996,975 12,100,139 10,780,419
Bills on Micro Businesses, Small
12 117,627,492 82,538,434 80,695,689 32,565,302
Businesses and Retail Portfolio
13 Bills on Corporations 140,267,309 14,569,394 2,756,655 2,682,446
Claims That Have Been Due
14 14,972,194 13,100,146 6,234,048 2,119,814
Date
15 Other Assets 59,533,442 14,065,397 5,904,306 2,970,423
TOTAL 939,948,835 192,337,042 118,707,799 56,643,825
Additional Disclosure
2) Disclosure of Net Bills By Economic Sector
BRI Individually
Claims against The bill is in Claims to Securities
Economic Claims against Claims against Multilateral Claims the form of Companies and
No
Sector Government Government Development Banks and against Banks a Covered Other Financial
International Institutions Bond Services Institutions
a b c d e f g h
December 31, 2023
Agriculture, Forestry and
1 - 3,178,392 - - - -
Fisheries
2 Mining and excavation - 1,827,782 - - - -
3 Processing industry - 19,508,873 - - - -
PT Bank Rakyat Indonesia (Persero) Tbk.
312 2023 Annual Report
Page 315
Management Discussion and Analysis
on Bank Performance
December 31, 2023
Net Bills By Region
West Java & Banten Central Java and DIY East Java Sumatera Other Total
g h i j k l
- - - - - -
21,653 22,992 27,074 36,034 626 67,756,562
- - - - - -
- - - - 579,289 3,261,884
1,335 1,617 1,996 2,901 50 7,527,310
15,240,599 18,963,002 19,403,953 24,237,698 - 123,911,411
5,837,640 2,622,677 5,462,613 7,756,967 - 34,324,753
152,725 2,294,804 279,555 608,508 - 9,765,816
18,682,989 10,819,462 12,532,515 25,502,737 - 137,660,921
30,570,942 94,470,835 102,379,199 93,359,473 8,060,254 642,267,619
12,340,446 7,383,467 12,491,701 15,865,202 15,623,809 223,980,430
16,545,302 10,907,898 10,510,452 10,942,171 332,406 85,664,433
8,982,068 10,589,908 8,976,299 13,757,421 3,028,636 127,807,899
115,007,331 158,078,545 172,732,199 193,832,142 28,868,906 1,976,156,624
(in IDR million)
Bills on Micro
Receivables in the form of Commercial Credit for Land Businesses, Claims
Residential Employee or
Securities/Subordinated Property Acquisition, Small Bills on That Have Other
Property Pensioner
Receivables, Equity and Secured Processing and Businesses Corporations Been Due Assets
Secured Loans Credit
Other Capital Instruments Loans Construction and Retail Date
Portfolio
i j k l m n o p q
- 13,330,853 2,891,967 21,427 70,512 129,733,902 26,062,864 9,890,490 -
- 914,070 281,666 38,659 1,969 3,469,333 19,403,852 213,743 -
- 8,378,200 3,409,854 1,780,503 18,327 52,657,192 33,026,652 6,284,426 -
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 313
Page 316
Claims against The bill is in Claims to Securities
Economic Claims against Claims against Multilateral Claims the form of Companies and
No
Sector Government Government Development Banks and against Banks a Covered Other Financial
International Institutions Bond Services Institutions
a b c d e f g h
Procurement of Electricity,
4 Gas, Steam/Hot Water and - 16,553,650 - - - -
Cold Air
Water Management, Waste
Water Management, Waste
5 - - - - - -
Management and Recycling
and Remediation Activities
6 Construction - 13,976,385 - - - -
Wholesale and Retail Trade;
7 Car and Motorcycle Repair - 15,469,102 - - - -
and Maintenance
Transportation and
8 - 5,234,811 - - - -
Warehousing
Provision of accommodation
9 and provision of food and - 33,267 - - - -
drink
Information and
10 - 957,082 - - - -
Communication
Financial and Insurance
11 - 10,997,808 - 58,889,157 - 2,481,022
Activities
12 Real Estate - - - - - -
Professional, Scientific and
13 - - - - - -
Technical Activities
Rental and Leasing Activities
Without Option Rights,
14 - 4,175 - - - -
Employment, Travel Agents
and Other Business Support
Government Administration,
15 Defense and Mandatory Social 406,510,805 - - - - -
Security
16 Education - - - - - -
Human Health Activities and
17 - - - - - -
Social Activities
Arts, Entertainment and
18 - - - - - -
Recreation
19 Other Service Activities - 7,246,567 - - - -
Household Activities as an
Employer; Activities that
20 produce goods and services - - - - - -
by households that are used
to meet their own needs
Activities of International
21 Agencies and Other Extra - - - - - -
International Agencies
22 Household - 99 - - - -
23 Non Other Business Fields - - - - - -
24 Other 1,207,001 4,439,278 - 4,939,141 - 201,573
Total 407,717,806 99,427,272 - 63,828,298 - 2,682,595
PT Bank Rakyat Indonesia (Persero) Tbk.
314 2023 Annual Report
Page 317
Management Discussion and Analysis
on Bank Performance
Bills on Micro
Receivables in the form of Commercial Credit for Land Businesses, Claims
Residential Employee or
Securities/Subordinated Property Acquisition, Small Bills on That Have Other
Property Pensioner
Receivables, Equity and Secured Processing and Businesses Corporations Been Due Assets
Secured Loans Credit
Other Capital Instruments Loans Construction and Retail Date
Portfolio
i j k l m n o p q
- 384,183 120,465 1,479,759 1,177 10,217,563 10,790,671 221,883 -
- 268,412 96,131 - 576 431,816 61,883 109,711 -
- 5,300,790 975,166 5,488,067 2,348 2,100,416 12,439,804 5,980,898 -
- 80,293,960 21,635,326 107,300 180,166 183,156,757 23,809,261 39,021,474 -
- 1,820,037 336,655 7,271 10,212 5,048,795 7,376,637 1,854,483 -
- 2,845,305 1,091,871 860 22,740 13,241,424 1,927,466 2,905,647 -
- 706,006 113,244 1,571 1,037 246,176 413,383 64,142 -
- 103,004 96,010 - 815 254,905 2,780,823 49,436 -
- 848,551 344,197 10,468 10,543 2,145,467 421,673 529,327 -
- 310,515 86,298 626 288 126,032 66,681 72,786 -
- 1,447,169 463,440 7,611 7,902 2,052,769 1,644,076 675,850 -
- 40,620 130,598 - 310 4,824 388,275 2,605 -
- 183,901 115,146 - 1,274 252,917 201,360 81,094 -
- 778,305 460,408 - 5,878 877,239 545,972 262,116 -
- 128,344 31,617 - 798 372,401 34,988 404,214 -
- 4,776,380 1,145,387 812,694 3,237,607 50,457,135 15,544,379 5,628,601 -
- 251,957 42,183 - 705 353,031 122,905 170,069 -
- - - - - 213 - - -
- 448,916 72,343 - 133,263,047 65,500,940 17,803,539 7,950,178 -
- - - - 1,160 486 213 - -
5,560,175 39,048 5,764 - 20,162 2,069,063 44,714,473 45,025 103,525,425
5,560,175 123,598,528 33,945,736 9,756,816 136,859,553 524,770,796 219,581,829 82,418,200 103,525,425
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 315
Page 318
BRI Consolidated with Subsidiaries
Claims against The bill is in Claims to Securities
Economic Claims against Claims against Multilateral Claims the form of Companies and
No
Sector Government Government Development Banks and against Banks a Covered Other Financial
International Institutions Bond Services Institutions
a b c d e f g h
December 31, 2023
Agriculture, Forestry and
1 - 3,376,664 - - - -
Fisheries
2 Mining and excavation - 1,827,782 - - - -
3 Processing industry - 19,508,873 - - - -
Procurement of Electricity,
4 Gas, Steam/Hot Water and - 16,553,650 - - - -
Cold Air
Water Management, Waste
Water Management, Waste
5 - 0 - - - -
Management and Recycling
and Remediation Activities
6 Construction - 13,976,385 - - - -
Wholesale and Retail Trade;
7 Car and Motorcycle Repair - 15,469,102 - - - -
and Maintenance
Transportation and
8 - 5,234,811 - - - -
Warehousing
Provision of accommodation
9 and provision of food and - 33,267 - - - -
drink
Information and
10 - 957,082 - - - -
Communication
Financial and Insurance
11 2,729,737 10,997,808 - 59,656,683 - 2,481,022
Activities
12 Real Estate - - - - - -
Professional, Scientific and
13 - - - - - -
Technical Activities
Rental and Leasing Activities
Without Option Rights,
14 - 4,175 - - - -
Employment, Travel Agents
and Other Business Support
Government Administration,
15 Defense and Mandatory Social 406,510,805 - - - - -
Security
16 Education - - - - - -
Human Health Activities and
17 - - - - - -
Social Activities
Arts, Entertainment and
18 - - - - - -
Recreation
19 Other Service Activities - 7,246,567 - - - -
Household Activities as an
Employer; Activities that
20 produce goods and services - - - - - -
by households that are used
to meet their own needs
PT Bank Rakyat Indonesia (Persero) Tbk.
316 2023 Annual Report
Page 319
Management Discussion and Analysis
on Bank Performance
(in IDR million)
Bills on Micro
Receivables in the form of Commercial Credit for Land Businesses, Claims
Residential Employee or
Securities/Subordinated Property Acquisition, Small Bills on That Have Other
Property Pensioner
Receivables, Equity and Secured Processing and Businesses Corporations Been Due Assets
Secured Loans Credit
Other Capital Instruments Loans Construction and Retail Date
Portfolio
i j k l m n o p q
- 13,355,302 13,693,102 21,427 70,512 130,112,101 27,127,275 10,959,449 -
- 914,949 282,417 38,659 1,969 3,675,012 19,490,398 213,705 -
- 8,387,069 4,497,791 1,780,503 18,327 53,802,817 33,614,130 6,284,947 -
- 384,183 120,657 1,479,759 1,177 10,234,574 10,800,360 224,273 -
- 268,433 96,131 - 576 431,887 61,883 110,511 -
- 5,322,276 1,303,215 5,496,974 2,348 2,509,754 12,527,872 6,372,186 -
- 80,359,980 6,913,167 107,300 180,166 184,584,971 24,002,941 39,220,231 -
- 1,822,057 337,439 7,271 10,700 5,437,216 7,533,023 1,864,666 -
- 2,848,234 1,092,332 860 22,740 13,366,944 1,927,466 2,924,606 -
- 872,686 115,985 1,571 299,007 326,842 413,383 163,695 -
1,949,673 106,739 97,956 - 331,892 825,360 2,816,051 52,724 188,437
- 850,329 344,197 10,468 10,543 2,200,253 421,673 535,382 -
- 314,633 88,420 626 288 559,437 147,507 85,510 -
- 1,447,414 464,440 7,611 7,902 2,754,545 1,751,541 791,626 -
- 40,620 130,598 1 310 4,824 388,275 2,605 -
- 183,964 115,146 - 1,274 363,491 201,360 81,740 -
- 782,744 460,865 - 5,878 1,112,062 550,373 271,205 -
- 128,344 31,617 - 798 373,050 34,988 405,164 -
- 4,776,558 3,041,612 812,694 3,237,607 50,528,570 15,544,379 5,628,612 -
- 252,636 42,183 - 705 431,070 122,905 171,781 -
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 317
Page 320
Claims against The bill is in Claims to Securities
Economic Claims against Claims against Multilateral Claims the form of Companies and
No
Sector Government Government Development Banks and against Banks a Covered Other Financial
International Institutions Bond Services Institutions
a b c d e f g h
Activities of International
21 Agencies and Other Extra - - - - - -
International Agencies
22 Household - 99 - - - -
23 Non Other Business Fields - - - - - -
24 Other 2,961,504 4,839,274 - 8,099,879 - 780,862
Total 412,202,046 100,025,540 - 67,756,561 - 3,261,884
3) Net Billing Disclosure Is Based on tthe Remaining Term of the Contract
BRI Individually (in IDR million)
Reporting Year Position
Net billing based on remaining contract term
No Portfolio Category
> 1 year - 3 > 3 years - 5 Non
<= 1 year > 5 years Total
years years Contractual
a b c d e f g h
1 Claims against Government 35,487,606 65,165,251 42,987,809 58,918,211 205,158,929 407,717,806
2 Claims against Public Sector Entities 29,652,067 6,869,468 1,104,147 1,564,992 60,236,598 99,427,273
Claims against Multilateral
3 Development Banks and - - - - - -
International Institutions
4 Claims to Bank 1,429,277 778,878 725,808 2,730,903 58,163,432 63,828,298
The bill is in the form of a Covered
5 - - - - - -
Bond
Claims to Securities Companies and
6 1,507,634 1,137,548 36,658 754 - 2,682,594
Other Financial Services Institutions
Receivables in the form of Securities/
7 Subordinated Receivables, Equity - - - - 5,560,175 5,560,175
and Other Capital Instruments
8 Residential Property Secured Loans 70,462,431 29,556,138 21,229,038 2,243,116 107,802 123,598,526
9 Commercial Property Secured Loans 18,677,230 6,445,734 5,945,709 2,867,050 10,014 33,945,736
Credit for Land Acquisition, Land
10 4,935,918 883,343 1,856,455 859,879 1,221,221 9,756,816
Processing and Construction
11 Employee or Pensioner Credit 1,344,904 9,569,896 16,985,334 108,958,298 1,121 136,859,553
Bills on Micro Businesses, Small
12 80,451,453 219,951,008 126,902,772 60,933,540 36,532,023 524,770,796
Businesses and Retail Portfolios
13 Bills on Corporations 87,424,992 27,426,827 16,312,520 33,531,902 54,885,588 219,581,829
14 Claims That Have Been Due Date 21,892,947 25,544,089 16,467,327 10,156,653 8,357,183 82,418,200
15 Other Assets 0 0 0 0 103,525,425 103,525,425
TOTAL 353,266,459 393,328,181 250,553,578 282,765,298 533,759,512 1,813,673,027
PT Bank Rakyat Indonesia (Persero) Tbk.
318 2023 Annual Report
Page 321
Management Discussion and Analysis
on Bank Performance
Bills on Micro
Receivables in the form of Commercial Credit for Land Businesses, Claims
Residential Employee or
Securities/Subordinated Property Acquisition, Small Bills on That Have Other
Property Pensioner
Receivables, Equity and Secured Processing and Businesses Corporations Been Due Assets
Secured Loans Credit
Other Capital Instruments Loans Construction and Retail Date
Portfolio
i j k l m n o p q
- - - 1 - 213 - - -
- 448,916 75,084 - 133,263,047 65,504,560 17,803,539 8,049,732 -
- 2,295 274 - 169,904 1,218,089 22,246 6,395 -
5,577,636 41,051 980,128 92 23,249 111,909,977 46,676,863 1,243,686 127,619,462
7,527,309 123,911,411 34,324,753 9,765,816 137,660,919 642,267,619 223,980,430 85,664,433 127,807,899
BRI Consolidated with Subsidiaries (in IDR million)
Reporting Year Position
Net billing based on remaining contract term
No Portfolio Category
> 1 year - 3 > 3 years - 5 Non
<= 1 year > 5 years Total
years years Contractual
a b c d e f g h
1 Claims against Government 37,013,795 65,823,151 43,578,731 60,593,985 205,192,383 412,202,046
2 Claims against Public Sector Entities 29,949,139 6,969,010 1,104,147 1,763,265 60,239,978 100,025,540
Claims against Multilateral
3 Development Banks and - - - - - -
International Institutions
4 Claims to Bank 2,352,449 830,388 733,739 2,730,903 61,109,083 67,756,561
The bill is in the form of a Covered
5 - - - - - -
Bond
Claims to Securities Companies and
6 1,507,634 1,137,548 36,658 754 579,290 3,261,884
Other Financial Services Institutions
Receivables in the form of Securities/
7 Subordinated Receivables, Equity 78 - - 1,949,673 5,577,558 7,527,309
and Other Capital Instruments
8 Residential Property Secured Loans 70,578,398 29,579,952 21,246,331 2,399,593 107,137 123,911,411
9 Commercial Property Secured Loans 18,740,532 6,449,953 5,953,050 3,171,205 10,014 34,324,753
Credit for Land Acquisition, Land
10 4,944,918 883,343 1,856,455 859,879 1,221,221 9,765,816
Processing and Construction
11 Employee or Pensioner Credit 1,820,336 9,763,733 17,023,637 109,052,093 1,121 137,660,919
Bills on Micro Businesses, Small
12 81,344,500 222,379,779 130,582,942 61,614,235 146,346,163 642,267,619
Businesses and Retail Portfolios
13 Bills on Corporations 88,287,185 28,143,238 17,098,071 33,802,372 56,649,565 223,980,430
14 Claims That Have Been Due Date 22,398,051 25,937,649 16,617,292 11,432,391 9,279,049 85,664,433
15 Other Assets 815,395 7,605 993,712 5,710 125,985,476 127,807,899
TOTAL 359,752,410 397,905,350 256,824,766 289,376,057 672,298,040 1,976,156,622
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 319
Page 322
4) Disclosure of Bills and Reserves by Region
BRI Individually
December 31, 2023
No Description Region
Jakarta Borneo and Sulawesi Bali & Nusa Tenggara Eastern Indonesia
a b c d e f
1 Bill 957.020.452 173.655.823 119.104.996 60.268.286
2 Decreased Bills 30.020.242 19.954.389 8.241.426 3.167.934
a. Not yet due - - - -
b. Has Due Date 30.020.242 19.954.389 8.241.426 3.167.934
3 CKPN – Stage 1 2.093.224 3.414.215 1.203.365 595.363
4 CKPN – Stage 2 10.045.625 3.060.761 1.282.105 456.065
5 CKPN – Stage 3 7.382.247 3.555.185 533.764 521.096
6 Deleted book Claims 3.550.190 4.830.500 1.454.740 1.008.777
BRI Consolidated with Subsidiaries
December 31, 2023
No Description Region
Jakarta Borneo and Sulawesi Bali & Nusa Tenggara Eastern Indonesia
a b c d e f
1 Bill 1.002.516.282 181.470.286 125.482.169 85.839.500
2 Decreased Bills 38.717.845 20.253.892 8.386.488 4.336.552
a. Not yet due 6.253.780 244.897 113.616 542.572
b. Has Due Date 32.464.065 20.008.995 8.272.871 3.793.980
3 CKPN – Stage 1 2.856.233 3.589.729 1.318.250 1.275.672
4 CKPN – Stage 2 12.393.401 3.221.989 1.387.157 509.064
5 CKPN – Stage 3 7.891.438 3.601.936 561.930 624.311
6 Deleted book Claims 4.222.631 4.966.643 1.544.059 1.103.991
PT Bank Rakyat Indonesia (Persero) Tbk.
320 2023 Annual Report
Page 323
Management Discussion and Analysis
on Bank Performance
(in IDR million)
December 31, 2023
Region
West Java and Banten Central Java and DIY East Java Sumatera Other Total
g h i j k l
118.681.061 157.337.642 167.099.510 180.051.516 28.805.938 1.962.025.225
33.486.056 17.657.389 15.996.958 17.671.263 619.436 146.815.093
- - - - - -
33.486.056 17.657.389 15.996.958 17.671.263 619.436 146.815.093
2.817.001 2.944.119 2.719.316 3.841.283 664.521 20.292.407
12.554.569 2.865.633 2.050.348 2.629.077 37.003 34.981.187
4.308.229 3.412.385 3.176.894 4.031.749 267.023 27.188.572
7.097.888 4.318.633 5.025.546 5.804.146 - 33.090.420
(in IDR million)
December 31, 2023
Region
West Java and Banten Central Java and DIY East Java Sumatera Other Total
g h i j k l
138.541.896 172.203.504 184.494.742 207.054.295 32.590.895 2.130.193.568
34.366.873 18.294.025 16.851.121 19.629.049 619.436 161.455.279
621.661 425.939 611.595 1.461.810 - 10.275.870
33.745.212 17.868.086 16.239.526 18.167.239 619.436 151.179.409
3.409.040 3.338.863 3.219.040 4.682.190 664.521 24.353.536
12.985.739 3.093.584 2.370.831 3.246.713 37.003 39.245.482
4.477.154 3.503.617 3.300.509 4.292.706 267.023 28.520.623
7.489.129 4.531.415 5.340.899 6.296.679 - 35.495.447
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 321
Page 324
5) Disclosure of Claims and Provisions Based on Economic Sector
BRI Individually (in IDR million)
Impaired Cadangan Cadangan Cadangan
Bills kerugian kerugian kerugian
Deleted
penurunan penurunan penurunan
No Economic Sector Bill book
Not nilai nilai nilai
Has Claims
yet (CKPN) - (CKPN) - (CKPN) -
Matured
Due Stage 1 Stage 2 Stage 3
a b c d e f g h i
December 31, 2023
Agriculture, Forestry and
1 202,253,310 - 19,008,964 3,781,594 3,734,647 4,470,482 140,698
Fisheries
2 Mining and excavation 29,955,212 - 2,766,070 169,684 883,331 1,607,217 18,465
3 Processing industry 142,639,757 - 17,609,600 1,453,558 7,014,841 4,324,496 99,205
Procurement of Electricity, Gas,
4 41,672,822 - 236,522 213,733 46,911 13,982 19,994
Steam/Hot Water and Cold Air
Water Management, Waste
5 Water Management, Waste 1,056,067 - 154,673 18,224 21,525 19,942 916
Management and Recycling
6 Construction 53,400,664 - 10,140,722 244,184 4,144,547 672,381 36,543
Wholesale and retail trade;
7 Car and Motorcycle Repair and 400,187,630 - 59,839,758 7,293,621 8,218,697 10,842,644 488,625
Maintenance
8 Transportation and Warehousing 24,518,010 - 3,374,247 277,117 1,500,192 258,415 14,417
Provision of accommodation and
9 24,842,159 - 4,734,293 494,973 1,148,877 545,564 22,109
provision of food and drink
10 Information and Communication 2,694,991 - 141,856 31,376 11,539 62,182 1,573
Financial and Insurance
11 79,178,714 - 72,179 66,782 6,292 16,949 37,806
Activities
12 Real Estate 4,740,432 - 776,198 89,879 126,753 96,996 4,522
Professional, Scientific and
13 728,368 - 107,270 11,567 14,665 18,705 2,432
Technical Activities
Rental and Leasing Activities
Without Option Rights,
14 6,861,793 - 953,637 112,315 133,190 126,051 6,862
Employment, Travel Agents and
Other Business Support
Government Administration,
15 Defense and Mandatory Social 425,921,096 - 3,166 197,887 533 163 200,568
Security
16 Education 908,670 - 115,648 18,773 15,615 17,650 445
Human Health Activities and
17 3,186,072 - 383,012 61,310 56,559 60,251 2,064
Social Activities
Arts, Entertainment and
18 2,069,903 - 1,463,100 13,933 971,536 40,572 1,834
Recreation
19 Other Service Activities 99,370,268 - 12,189,031 1,696,219 4,968,131 1,208,462 96,552
Household Activities as
20 1,058,759 - 249,210 15,318 32,521 39,595 1,484
Employers
Activities of International
21 Agencies and Other Extra 223 - - 4 - - -
International Agencies
22 Household 239,827,846 - 12,437,481 3,428,389 1,686,736 2,544,446 424,380
23 Not Other Business Fields 1,945 - - 20 - - 1
PT Bank Rakyat Indonesia (Persero) Tbk.
322 2023 Annual Report
Page 325
Management Discussion and Analysis
on Bank Performance
Impaired Cadangan Cadangan Cadangan
Bills kerugian kerugian kerugian
Deleted
penurunan penurunan penurunan
No Economic Sector Bill book
Not nilai nilai nilai
Has Claims
yet (CKPN) - (CKPN) - (CKPN) -
Matured
Due Stage 1 Stage 2 Stage 3
a b c d e f g h i
24 Other 174,950,514 - 58,459 601,948 243,549 201,425 31,468,923
Total 1,962,025,225 - 146,815,093 20,292,407 34,981,187 27,188,572 33,090,420
BRI Consolidated with Subsidiaries (in IDR million)
Impaired
Bills
Deleted
CKPN CKPN CKPN
No Economic Sector Bill book
Not Stage 1 Stage 2 Stage 3
Has Claims
yet
Matured
Due
a b c d e f g h i
December 31, 2023
Agriculture, Forestry and
1 219,746,966 3,217,834 19,259,934 4,688,265 4,120,763 4,595,214 483,391
Fisheries
2 Mining and excavation 30,323,168 89,535 2,767,949 176,863 911,674 1,608,588 42,080
3 Processing industry 145,646,713 715,071 17,679,831 1,505,964 7,035,777 4,371,502 574,215
Procurement of Electricity, Gas,
4 41,738,324 14,702 238,553 215,171 46,978 14,715 20,134
Steam/Hot Water and Cold Air
Water Management, Waste
5 Water Management, Waste 1,064,760 1,560 156,175 18,564 22,326 21,127 1,229
Management and Recycling
6 Construction 55,039,744 993,721 10,187,242 261,041 4,273,565 705,771 55,764
Wholesale and retail trade;
7 Car and Motorcycle Repair and 446,273,362 2,465,050 60,737,068 9,088,786 9,588,650 11,351,726 1,641,779
Maintenance
8 Transportation and Warehousing 25,293,471 48,841 3,391,152 287,057 1,501,609 279,145 28,884
Provision of accommodation and
9 24,992,602 25,040 4,736,773 495,621 1,149,344 547,522 23,783
provision of food and drink
10 Information and Communication 2,797,735 26,144 142,004 31,759 11,758 62,440 2,064
Financial and Insurance
11 100,757,495 441,732 264,504 72,946 6,656 210,806 97,254
Activities
12 Real Estate 4,804,001 14,228 776,214 90,164 127,071 97,609 27,113
Professional, Scientific and
13 1,265,663 57,013 109,656 13,502 15,515 22,389 7,019
Technical Activities
Rental and Leasing Activities
Without Option Rights,
14 7,814,219 141,306 973,615 117,054 137,586 150,928 15,154
Employment, Travel Agents and
Other Business Support
Government Administration,
15 Defense and Mandatory Social 425,921,096 - 3,166 197,887 533 163 200,568
Security
16 Education 1,020,513 1,354 116,121 19,151 15,669 18,155 568
Human Health Activities and
17 3,681,946 51,730 393,765 71,747 85,120 67,773 9,954
Social Activities
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 323
Page 326
Impaired
Bills
Deleted
CKPN CKPN CKPN
No Economic Sector Bill book
Not Stage 1 Stage 2 Stage 3
Has Claims
yet
Matured
Due
a b c d e f g h i
Arts, Entertainment and
18 2,071,514 962 1,463,100 13,952 971,536 40,572 1,834
Recreation
19 Other Service Activities 101,058,900 114,033 12,217,958 1,762,412 5,042,067 1,228,611 141,901
Household Activities as
20 1,737,205 573,600 277,784 19,519 36,829 58,819 1,599
Employers
Activities of International
21 Agencies and Other Extra 223 - - 4 - - -
International Agencies
22 Household 239,827,846 - 12,437,481 3,428,389 1,686,736 2,544,446 424,380
23 Not Other Business Fields 1,447,067 239,352 11,626 7,251 2,637 22,903 14,136
24 Other 245,869,033 1,043,063 2,837,736 1,770,468 2,455,084 499,700 31,680,645
Total 2,130,193,568 10,275,870 151,179,409 24,353,537 39,245,482 28,520,623 35,495,447
6) Disclosure of Bills Based on Days Due
BRI Individually (in IDR million)
December 31, 2023
No Portfolio Category Net bill based on days past due
> 90 days - 120 days > 120 days - 180 days > 180 days Total
a b c d e f
1 Loans included in Past Due Bills 3,876,487 7,228,262 126,881,641 137,986,390
Securities included in Past Due
2 - - - -
Bills
TOTAL 3,876,487 7,228,262 126,881,641 137,986,390
BRI secara Konsolidasi dengan Entitas Anak (dalam jutaan rupiah)
December 31, 2023
BRI Consolidated with
No Net bill based on days past due
Subsidiaries
> 90 days - 120 days > 120 days - 180 days > 180 days Total
a b c d e f
1 Loans included in Past Due Bills 4,606,426 7,698,198 130,034,756 142,339,380
Securities included in Past Due
2 - - - -
Bills
TOTAL 4,606,426 7,698,198 130,034,756 142,339,380
PT Bank Rakyat Indonesia (Persero) Tbk.
324 2023 Annual Report
Page 327
Management Discussion and Analysis
on Bank Performance
V. Additional Disclosures Regarding the Treatment of Troubled Assets (CRB-A)
A. QUALITATIVE
1) Asset Quality: provisions of laws and regulations and FSA provisions
a) Non-performing assets are assets that are of substandard, regarding assessing the quality of commercial bank
doubtful or non-performing quality as referred to in the assets.
provisions of laws and regulations and FSA provisions d) Restructuring Assets are assets in an effort to improve
regarding assessing the quality of commercial bank debtors who are experiencing difficulties in fulfilling
assets. For loans with exposure above a certain value, their obligations. Assets can be restructured if the debtor
collectibility assessments are carried out individually has good business prospects and is deemed capable of
based on 3 (three) pillars, namely accuracy in payments, meeting obligations after restructuring. A restructuring
debtor’s business prospects, and debtor’s financial asset can fall out of this category if, within the
condition. restructuring period, the debtor’s business conditions
b) Overdue Loans and Securities are claims that are have returned to normal so that the debtor can fulfill its
more than 90 (ninety) days past due, both for principal obligations according to normal conditions.
payments and/or interest payments or debtors who
are in default. These claims include assets that have 2) Loan segmentation:
experienced impairment and a value impairment reserve Categorization of loan segments based on the type of loans
(Allowance for Impairment Losses) has been established. and the size of the loan facility.
c) Performing Assets are assets that have current quality
and are subject to special attention as intended in the
B. QUANTITATIVE
1) Disclosure of Performing and Non-Performing Assets
BRI Individually (in IDR million)
Non Performing
(KL, D, M quality)
Performing Bills That Are Not Impaired in Value
(L and DPK Quality)
Impaired
Bills Have Arrears Have Arrears
> 90 Days > 90 Days
Gross Gross Gross Gross
Carrying CKPN Carrying CKPN Carrying CKPN Carriying CKPN
Value Value Value Value
a b c d e f g h
1 Securities 290,676,869 65,374 - - - - - -
2 Credit 1,110,309,367 49,912,359 35,773,138 27,097,530 - - - -
a. Corporation 195,582,404 16,332,543 7,678,995 7,678,995 - - - -
b. Retail 421,954,125 13,930,294 15,179,926 9,932,529 - - - -
c. Micro 492,772,838 19,649,522 12,914,217 9,486,006 - - - -
Administrative
3 Account 197,125,074 1,147,677 8,804,892 4,239,226 - - - -
Transactions
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 325
Page 328
BRI Consolidated with Subsidiaries (in IDR million)
Non Performing
(KL, D, M quality)
Performing Bills That Are Not Impaired in Value
(L and DPK Quality)
Impaired
Bills Have Arrears Have Arrears
> 90 Days > 90 Days
Gross Gross Gross Gross
Carrying CKPN Carrying CKPN Carrying CKPN Carriying CKPN
Value Value Value Value
a b c d e f g h
1 Securities 296,328,506 66,795 - - - - - -
2 Credit 1,237,758,319 58,792,813 36,751,966 28,745,704 - - - -
a. Corporation 261,966,783 19,523,079 7,720,902 7,936,191 - - - -
b. Retail 431,368,590 15,043,169 15,551,934 10,510,175 - - - -
c. Micro 544,422,945 24,226,565 13,479,130 10,299,339 - - - -
Administrative
3 Account 197,273,086 1,147,742 8,804,892 4,239,226 - - - -
Transactions
2) Performing and Non-Performing Restructuring Assets
BRI secara Individu (dalam jutaan rupiah)
Performing Non Performing
Stage 1 Stage 2 Stage 3
(L and DPK Quality) (L and DPK Quality)
Gross Gross Gross Gross Gross
Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN
Value Value Value Value Value
a b c d e f g h i j
1 Securities - - - - - - - - - -
2 Credit 82,844,236 26,206,689 19,663,897 16,238,600 - - 83,780,712 27,123,416 18,727,421 15,321,872
a. Corporation 20,402,087 15,183,037 6,718,800 6,718,800 - - 21,275,229 16,056,179 5,845,658 5,845,658
b. Retail 33,200,597 4,926,515 5,849,825 3,855,598 - - 33,268,294 4,973,664 5,782,128 3,808,449
c. Micro 29,241,552 6,097,137 7,095,272 5,664,202 - - 29,237,189 6,093,573 7,099,635 5,667,765
Administrative
3 Account 1,835,339 1,089,143 170,406 99,040 - - 1,835,338 27,123,416 170,406 15,321,873
Transactions
BRI Consolidated with Subsidiaries (in IDR million)
Performing Non Performing
Stage 1 Stage 2 Stage 3
(L and DPK Quality) (L and DPK Quality)
Gross Gross Gross Gross Gross
Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN
Value Value Value Value Value
a b c d e f g h i j
1 Securities - - - - - - - - - -
2 Credit 85,429,359 26,881,505 19,839,043 16,346,331 - - 86,417,172 27,798,284 18,902,515 15,429,551
a. Corporation 20,938,014 15,301,391 6,718,800 6,718,800 - - 21,862,441 16,174,533 5,845,658 5,845,658
PT Bank Rakyat Indonesia (Persero) Tbk.
326 2023 Annual Report
Page 329
Management Discussion and Analysis
on Bank Performance
Performing Non Performing
Stage 1 Stage 2 Stage 3
(L and DPK Quality) (L and DPK Quality)
Gross Gross Gross Gross Gross
Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN Carriying CKPN
Value Value Value Value Value
a b c d e f g h i j
b. Retail 35,209,857 5,482,101 6,010,259 3,954,527 - - 35,277,554 5,529,250 5,942,562 3,907,378
c. Micro 29,281,488 6,098,013 7,109,984 5,673,004 - - 29,277,177 6,094,501 7,114,295 5,676,515
Administrative
3 Account 1,835,339 1,089,143 170,406 99,040 - - 1,835,338 27,123,416 170,406 15,321,873
Transactions
VI. Qualitative Disclosures Regarding MRK Techniques (CRC)
In calculating credit risk RWA using a standard approach, the Bank 3. Collateral appraisal must be carried out objectively, honestly,
considers the use of Credit Risk Mitigation Techniques (Enterprise responsibly and present a fair value.
Risk Management-ERM) in accordance with FSA regulations. The 4. Collateral reviews are carried out to see the adequacy of
ERM techniques used by the Bank are the ERM-Collateral technique collateral compared to the debtor’s total obligations, including:
and the ERM-Guarantee or Credit Insurance technique. The ERM- a. Collateral condition at the time of review
Collateral technique used is collateral in the form of cash (cash b. Collateral value
collateral) stored at the Bank and gold stored at the Subsidiary. c. Securing collateral (storage, binding and validity of
Meanwhile, the ERM-Guarantee or Credit Insurance technique is collateral)
used for loan guaranteed by credit insurance from an Insurance d. Other information relevant to assessing collateral adequacy
Company with SOEs status. Loans guaranteed by an insurance 5. The collateral review period is carried out as stated in the loan
company which is a Bank Subsidiary is not counted as a guarantor terms and conditions, but must be carried out at least once a
in the ERM technique because it is a party affiliated with the Bank. year along with the loan review as regulated in each business
sector. The collateral review period can be set differently if
Acceptable collateral criteria include: specifically regulated by the regulator (BI, FSA or other related
1. Collateral is tied to mortgage rights, power of attorney to sell, agencies). For the purposes of calculating RWA, specifically
current accounts, savings, time deposits or other collateral for consumer loans backed by residential homes, collateral
generally accepted by banks as well as collateral in the form of valuation must be carried out periodically for a minimum of 30
gold (subsidiaries). (thirty) months.
2. Determining the value of collateral must be based on
considerations of appraisal, binding, control, security and
utilization.
VII. Quantitative Disclosures Related to MRK Techniques (CR3)
BRI Individually (in IDR million)
Bills That Are Not Bills Secured by
Bills Guaranteed Bills Bills Secured
Guaranteed Guarantee, Guarantee
with MRK Secured by Credit
Using MRK and/or
Techniques by Collateral Derivatives
Techniques Credit Insurance
a b c d e
1 Loans 746,634,920 322,437,696 11,377,558 311,060,138
2 Securities 290,611,495 - - -
3 Total 1,037,246,415 322,437,696 11,377,558 311,060,138
Maturity Credit and
4 75,743,441 4,317,997 27,821 4,290,176
Securities
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 327
Page 330
BRI Consolidated with Subsidiaries (in IDR million)
Bills That Are Not Bills Secured by
Bills Guaranteed Bills Bills Secured
Guaranteed Guarantee, Guarantee
with MRK Secured by Credit
Using MRK and/or
Techniques by Collateral Derivatives
Techniques Credit Insurance
a b c d e
1 Loans 760,954,279 426,017,489 65,233,324 360,784,165
2 Securities 296,261,711 - - -
3 Total 1,057,215,990 426,017,489 65,233,324 360,784,165
Maturity Credit and
4 78,971,860 4,331,296 39,118 4,292,179
Securities
Additional Disclosure
VIII. Disclosure On The Use of External Credit Ratings (CRD)
The rating agencies used are rating agencies recognized by the Financial Services Authority, namely Moody’s Investor Service, Standard and
Poor’s, Fitch Ratings and PT. Indonesian Securities Rating (Pefindo). If there are Marketable Securities that have more than 1 (one) rating,
then the worst rating will be used. Portfolio Categories that use ratings are Receivables to the Government, Receivables to Public Sector
Entities, Receivables to Banks, Receivables to Securities & Financial Services Companies, and Receivables to Corporations. Meanwhile, other
bills use unrated (without rating) because rating data is not available.
IX. Disclosure of Credit Risk Exposure and Impact of MRK Techniques (CR4)
BRI Individually (in IDR million)
Net Bills Before Implementation Net Bills After implementing RWA and Average
of FKK and MRK Techniques FKK and MRK Techniques Risk Weight
Average Risk
Portfolio Category Financial Financial
TRA TRA RWA Weight
Position Report Position Report
(e/(c+d))
a b c d e f
1 Claims against Government 407,717,806 - 407,717,806 - - 0.00%
Claims against Public Sector 55,373,510 91,464,928 55,303,632 44,053,763 49,143,799 49.46%
2
Entities
Claims against Multilateral
3 Development Banks and - - - - - 0.00%
International Institutions
4 Claims against Banks 60,233,378 3,594,920 60,233,378 3,594,920 32,630,248 51.12%
Claims to Securities Companies
and Other Financial Services 2,610,161 72,434 2,610,161 72,434 992,335 36.99%
Institutions 1)
The bill is in the form of a - - - - - 0.00%
5
Covered Bond
Claims on Corporations - 151,936,838 63,076,967 142,755,468 48,001,581 182,237,117 95.53%
6
General Corporate Exposures 2)
Receivables from securities
companies and other financial - - - - - 0.00%
services institutions 3)
PT Bank Rakyat Indonesia (Persero) Tbk.
328 2023 Annual Report
Page 331
Management Discussion and Analysis
on Bank Performance
Net Bills Before Implementation Net Bills After implementing RWA and Average
of FKK and MRK Techniques FKK and MRK Techniques Risk Weight
Average Risk
Portfolio Category Financial Financial
TRA TRA RWA Weight
Position Report Position Report
(e/(c+d))
a b c d e f
Special Financing Exposure 4) 18,847,820 1,988,976 18,004,685 795,590 21,395,443 113.80%
Receivables in the form of
7 Securities/Subordinated 5,560,175 - 5,560,175 - 13,900,438 250.00%
Receivables, Equity and
Other Capital Instruments
Bills on Micro Businesses, 515,413,419 18,691,586 295,264,021 9,357,377 248,538,179 81.59%
8
Small Businesses, and Retail
Portfolios
9 Property Backed Loans 151,635,045 14,773,042 125,596,295 5,909,217 77,049,550 58.59%
Residential Property-Backaged
Loans whose Payments Are 119,262,252 10,840,684 96,918,214 4,336,274 53,602,369 52.94%
Not Materially Dependent on
Property Cash Flow
Residential Property-Backaged
Loans whose Payments Depend - - - - - 0.00%
Materially on the Property's
Cash Flows
Commercial Property-Backed
Loans Where Payments Are 32,372,793 3,932,358 28,678,082 1,572,943 23,447,180 77.51%
Not Materially Dependent on
Property Cash Flows
Commercial Property-Backed
Loans Where Payments Depend - - - - - 0.00%
Materially on the Property's
Cash Flows
Land Acquisition, Land
Processing and Construction 8,372,395 3,461,053 7,889,220 1,384,421 12,969,127 139.85%
Credit
Claims That Have Been Due 80, 079,668 4,565,666 76,619,706 2,338,532 88,406,197 111.97%
10
Date
11 Other Assets 103,525,425 - 103,525,425 - 72,038,101 69.58%
12 Total 1,698,164,726 201,690,740 1,437,939,058 115,508,302 867,730,308 55.86%
BRI Consolidated with Subsidiaries (in IDR million)
Net Bills Before Implementation Net Bills After implementing RWA and Average
of FKK and MRK Techniques FKK and MRK Techniques Risk Weight
Average Risk
Portfolio Category Financial Financial
TRA TRA RWA Weight
Position Report Position Report
(e/(c+d))
a b c d e f
1 Claims against Government 412,202,046 - 412,202,046 - - 0.00%
Claims against Public Sector
2 55,971,777 91,464,928 55,901,899 44,053,763 49,324,467 49.35%
Entities
Claims against Multilateral
3 Development Banks and - - - - - 0.00%
International Institutions
4 Claims against Banks 64,161,641 3,594,920 63,945,742 3,594,920 33,416,849 49.48%
Claims to Securities Companies
and Other Financial Services 3,189,450 72,434 2,610,161 72,434 992,335 36.99%
Institutions 1)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 329
Page 332
Net Bills Before Implementation Net Bills After implementing RWA and Average
of FKK and MRK Techniques FKK and MRK Techniques Risk Weight
Average Risk
Portfolio Category Financial Financial
TRA TRA RWA Weight
Position Report Position Report
(e/(c+d))
a b c d e f
The bill is in the form of a
5 - - - - - 0.00%
Covered Bond
Claims on Corporations -
6 156,331,008 63,088,045 146,837,507 48,006,012 186,242,517 95.59%
General Corporate Exposures 2)
Receivables from securities
companies and other financial - - - - - 0.00%
services institutions 3)
Special Financing Exposure 4) 18,847,820 1,988,976 18,004,685 795,590 21,395,443 113.80%
Receivables in the form of
7 Securities/Subordinated 7,527,309 - 7,527,309 - 18,800,890 249.77%
Receivables, Equity and
Other Capital Instruments
Bills on Micro Businesses,
8 632,873,918 18,781,482 332,769,293 9,393,701 282,308,612 82.51%
Small Businesses, and Retail
Portfolios
9 Property Backed Loans 152,312,674 14,808,727 126,273,924 5,923,491 77,612,869 58.71%
Residential Property-Backaged
Loans whose Payments Are
119,567,415 10,859,992 97,223,377 4,343,997 53,845,417 53.01%
Not Materially Dependent on
Property Cash Flow
Residential Property-Backaged
Loans whose Payments Depend
- - - - - 0.00%
Materially on the Property's
Cash Flows
Commercial Property-Backed
Loans Where Payments Are
32,745,259 3,948,736 29,050,548 1,579,494 23,767,452 77.60%
Not Materially Dependent on
Property Cash Flows
Commercial Property-Backed
Loans Where Payments Depend
- - - - - 0.00%
Materially on the Property's
Cash Flows
Land Acquisition, Land
10 Processing and Construction 8,381,395 3,461,053 7,898,220 1,384,421 12,982,627 139.86%
Credit
Claims That Have Been Due
11 83,321,386 4,576,954 79,848,785 2,343,047 91,149,389 110.90%
Date
12 Other Assets 127,807,899 0 127,807,899 0 95,667,869 74.85%
13 Total 1,860,588,776 201,838,687 1,519,287,923 115,567,846 938,724,325 57.42%
Additional Disclosure
TRA exposure is converted into equivalent Loan exposure using FKK. The smallest FKK used by the Bank is 20% for TRA exposure in the
form of commitment obligations in the form of L/C, 40% FKK is given for TRA exposure in the form of commitment obligations (draw
allowance) while 100% FKK is given for TRA exposure in the form of issued guarantees in order to take over the risk of default. CKPN
taken into account for calculating net receivables is CKPN on assets identified as experiencing impairment, namely CKPN at stage 2
and stage 3. Credit Risk Mitigation Techniques used by the Bank are collateral and loan guarantees/insurance, collateral in the form of
cash collateral, while guarantees/ Loan Insurance is an insurance company with SOE status. Loans guaranteed by insurance companies
which are Bank Subsidiaries are not counted as guarantors in the MRK technique because they are parties affiliated with the Bank.
PT Bank Rakyat Indonesia (Persero) Tbk.
330 2023 Annual Report
Page 333
Management Discussion and Analysis
on Bank Performance
X. Exposure Disclosure Based on Asset Class and Risk Weight (CR5)
BRI Individually (in IDR million)
Net Bills After FKK and
Portfolio Category 0% 20% 50% 100% 150% Other
MRK Tech
Claims against
1 407.717.806 - - - - - 407.717.806
Government
Net Bills After FKK and
Portfolio Category 20% 50% 100% 150% Other
MRK Tech
Claims against
2 Public Sector 1,782,994 97,644,279 - - - 99,357,395
Entities
Net Bills After FKK and
Portfolio Category 0% 20% 30% 50% 100% 150% Other
MRK Tech
Claims against
Multilateral
3 Development Banks - - - - - - - -
and International
Institutions
Net Bills After FKK and
Portfolio Category 20% 30% 40% 50% 75% 100% 150% Other
MRK Tech
Claims against
4 - 1.087.957 - 59.733.462 2.278.998 727.881 - - 63.828.298
Banks
Claims to Securities
Companies and Other
- 2.280.159 - 174.148 28.299 199.989 - - 2.682.595
Financial Services
Institutions 1)
Net Bills After FKK and
Portfolio Category 10% 15% 20% 25% 30% 35% 50% 100% 150% Lainnya
MRK Tech
The bill is in the form
5 - - - - - - - - - - -
of a Covered Bond
Net Bills After FKK
Portfolio Category 20% 50% 65%5) 75% 80% 85% 100% 130% 150% Other
and MRK Tech
Receivables
6 to General - 3,252,649 - 81,240 - 47,385,760 149,218,770 - - - 190,757,049
Corporations 2)
Receivables
from securities
companies and
- - - - - - - - 0
other financial
service institutions
3)
Special Financing
- - - - 10,859,107 8,784,303 - - 18,800,275
Exposure 4)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 331
Page 334
Net Bills After FKK and
Portfolio Category 100% 150% 250% 400%5) Other
MRK Tech
Receivables in the form of
Securities/Subordinated
7 - - 5,560,175 - - 5,560,175
Receivables, Equity and Other
Capital Instruments
Net Bills After FKK and
Portfolio Category 45% 75% 85% 100% Other
MRK Tech
Bills on Micro Businesses, Small
8 2,494,984 464,584,412 47,399,994 10,291,406 - 304,621,398
Businesses, and Retail Portfolios
Portfolio Category 0%5) 20% 25% 30% 35% 40% 45% 50% 60%
9 Property Backed Loans - 16,912,137 6,791,567 21,366,792 - 19,907,101 - 16,257,822 4,753,212
Residential Property-Backaged
Loans whose Payments Are
- 16,912,137 6,791,567 21,366,792 19,907,101 16,257,822
Not Materially Dependent on
Property Cash Flow
without credit sharing
- - - - - -
approach 5)
using a credit sharing
-
approach (guaranteed) 5)
using a credit sharing
- - - - -
approach (guaranteed) 5)
Residential Property-Backaged
Loans whose Payments Depend
- - - -
Materially on the Property’s
Cash Flows
Commercial Property-Backed
Loans Where Payments Are
- - - - - 4,753,212
Not Materially Dependent on
Property Cash Flows
without credit sharing
- - - - - -
approach 5)
using a
credit sharing approach -
(guaranteed) 5)
using a credit sharing
- - - - -
approach (guaranteed) 5)
Commercial Property-Backed
Loans Where Payments Depend
Materially on the Property’s
Cash Flows
Land Acquisition, Land
Processing
and Construction Credit 5)
Net Bills After FKK and
Portfolio Category 50% 100% 150% Other
MRK Tech
10 Claims That Have Been Due 10.736.393 38.443.172 33.238.634 - 78.958.238
PT Bank Rakyat Indonesia (Persero) Tbk.
332 2023 Annual Report
Page 335
Management Discussion and Analysis
on Bank Performance
Net Bills After FKK
65%5) 70% 75% 85% 90% 100% 105% 110% 150% Other
and MRK Tech
- 29,046,645 25,446,144 12,147,387 - 5,607,359 - - - - 131,505,512
- 29,046,645 7,615,196 544,139 5,386,184 - - 101,254,487
- - - - - - - -
- -
- - - - - - -
- - - - -
- 17,830,948 11,519,419 221,175 - - 30,251,025
- -
- -
- - - - - - -
- - - - - -
2,050,967 7,705,849 - 9,273,641
Net Bills After FKK and
Portfolio Category 0% 20% 100% 150% 1250%5)
Other
MRK Tech
11 Other Assets 31,515,575 - 71,953,348 56,502 - - 103,525,425
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 333
Page 336
Net Bill
Net Bills Report TRA Net Bill Average
No Risk Weight (After imposition of FKK
Financial Position (before imposition of FKK) FKK
and MRK Tech)
1 < 40% 486,951,516 6,258,676 2,503,470 478,414,463
2 40% -70% 332,754,958 98,801,832 5,488,661 370,287,868
3 75% 488,732,052 5,136,702 573,177 268,647,838
4 85% 96,089,142 26,000,197 2,080,016 104,367,114
5 90% -100% 239,871,075 62,004,401 3,092,558 279,722,376
6 105% -130% 8,521,092 658,028 263,211 8,650,557
7 150% 39,684,717 2,830,904 329,067 37,796,969
8 250% 5,560,175 - - 5,560,175
9 400% - - - -
10 1250% - - - -
11 Total Net Bills 1,698,164,726 201,690,740 14,330,159 1,553,447,360
BRI Consolidated with Subsidiaries (in IDR million)
Net Bills After FKK and
Portfolio Category 0% 20% 50% 100% 150% Other
MRK Tech
Claims against
1 412,202,046 - - - - - 412,202,046
Government
Net Bills After FKK and
Portfolio Category 20% 50% 100% 150% Other
MRK Tech
Claims against Public
2 2,177,881 97,847,659 - - - 99,955,662
Sector Entities
Net Bills After FKK and
Portfolio Category 0% 20% 30% 50% 100% 150% Other
MRK Tech
Claims against
Multilateral
3 Development Banks - - - - - - - 0
and International
Institutions
Portfolio Category 0%5) 20% 25% 30% 35% 40% 45% 50% 60%
9 Property Backed Loans - 16,912,137 6,791,567 21,366,792 - 19,907,101 - 16,257,822 4,753,212
Residential Property-Backaged
Loans whose
Payments Are Not Materially - 16,912,137 6,791,567 21,366,792 19,907,101 16,257,822
Dependent on Property Cash
Flow
without credit sharing
- - - - - -
approach 5)
using a credit sharing
-
approach (guaranteed) 5)
PT Bank Rakyat Indonesia (Persero) Tbk.
334 2023 Annual Report
Page 337
Management Discussion and Analysis
on Bank Performance
Net Bills After FKK and
Portfolio Category 20% 30% 40% 50% 75% 100% 150% Other
MRK Tech
Claims against
4 3,781,169 1,087,957 - 59,880,556 2,278,998 727,881 - - 67,540,662
Banks
Claims to Securities
Companies and Other
579,289 2,280,159 - 174,148 28,299 199,989 - - 2,682,595
Financial Services
Institutions 1)
Net Bills After FKK and
Portfolio Category 10% 15% 20% 25% 30% 35% 50% 100% 150% Lainnya
MRK Tech
The bill is in the form
5 - - - - - - - - - - 0
of a Covered Bond
Net Bills After FKK
Portfolio Category 20% 50% 65%5)
75% 80% 85% 100% 130% 150% Other
and MRK Tech
Receivables
6 to General 23,121 3,362,292 - 112,252 - 45,877,699 145,468,156 - - - 194,843,520
Corporations 2)
Receivables from
securities companies
- - - - - - - - 0
and other financial
services institutions 3)
Special Financing
- - - - 10,149,718 8,650,557 - - 18,800,275
Exposure 4)
Net Bills After FKK and
Portfolio Category 100% 150% 250% 400%5) Lainnya
MRK Tech
Receivables in the form of
Securities/Subordinated
7 - 17,384 7,509,926 - - 7,527,309
Receivables, Equity and Other
Capital Instruments
Net Bills After FKK and
Portfolio Category 45% 75% 85% 100% Other
MRK Tech
Bills on Micro Businesses, Small
8 2,494,984 582,081,235 47,399,994 10,291,406 - 342,164,533
Businesses, and Retail Portfolios
Net Bills After FKK
65%5) 70% 75% 85% 90% 100% 105% 110% 150% Other
and MRK Tech
- 29,046,645 25,446,144 12,147,387 - 5,607,359 - - - - 132,197,415
- 29,046,645 7,615,196 627,969 5,386,184 - - 101,567,373
- - - - - - - -
- -
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 335
Page 338
Portfolio Category 0%5) 20% 25% 30% 35% 40% 45% 50% 60%
using a
credit sharing approach - - - - -
(guaranteed) 5)
Residential Property-Backaged
Loans whose Payments Depend
- - -
Materially on the Property’s
Cash Flows
Commercial Property-Backed
Loans Where Payments Are
- - - - - 4,753,212
Not Materially Dependent on
Property Cash Flows
without credit sharing
- - - - - -
approach 5)
using a
credit sharing approach -
(guaranteed) 5)
using a
-
credit sharing approach - - - -
(guaranteed) 5)
Commercial Property-Backed
Loans Where Payments Depend
Materially on the Property’s
Cash Flows
Land Acquisition, Land
Processing and Construction
Credit 5)
Net Bills After FKK and
Portfolio Category 50% 100% 150% Other
MRK Tech
10 Claims That Have Been Due 11,730,277 40,695,417 33,238,739 - 82,191,832
Net Bills After FKK and
Portfolio Category 0% 20% 100% 150% 1250%5) Other
MRK Tech
11 Aset Lainnya 32,169,703 - 95,578,848 59,347 - - 127,807,899
Net Bill
Net Bills Report TRA Net Bill Average
No Risk Weight (After imposition of FKK
Financial Position (before imposition of FKK) FKK
and MRK Technique)
1 < 40% 496,868,350 2,503,470 2,503,470 487,536,109
2 40% -70% 335,010,325 48,105,290 5,488,661 860,066,705
3 75% 606,470,236 3,476,692 347,669 306,469,968
4 85% 96,520,098 10,413,044 1,487,578 104,811,035
5 90% -100% 269,974,756 49,489,813 2,749,434 1,580,870,523
6 105% -130% 8,521,092 263,211 263,211 1,589,521,080
7 150% 39,713,993 1,316,326 263,265 37,826,302
8 250% 7,509,926 - - 7,509,926
9 400% - - - -
10 1250% - - - -
11 Total Net Bills 1,860,588,776 115,567,846 13,103,288 4,974,611,648
PT Bank Rakyat Indonesia (Persero) Tbk.
336 2023 Annual Report
Page 339
Management Discussion and Analysis
on Bank Performance
Net Bills After FKK
65%5) 70% 75% 85% 90% 100% 105% 110% 150% Other
and MRK Tech
- - - - - - -
- - - - -
- 17,830,948 11,519,419 221,175 - - 30,630,042
- -
- -
- - - - - - -
- - - - -
2,050,967 7,714,849 - 9,282,641
Additional Disclosure
1) In this table, the Bank divides net claims based on portfolio categories and risk weights as in Appendix A of the Letter This Financial
Services Authority Circular.
2) “Average FKK” is the average amount of net claims multiplied by the FKK for each risk weight.
3) “Net Bills After Implementing FKK and MRK Techniques” is the net bill after taking into account FKK and impacts application of
MRK techniques to exposures in the statement of financial position and TRA.
4) The amount of “Total Net Bills (After applying FKK and MRK Technique)” in this table must be the same as the total in column c
(“Bills Net After application of FKK and MRK Technique- Statement of Financial Position”) and column d (“Net Receivables After
application of FKK and MRK-TRA Technique”) in table CR4.
5) The table “Bank Consolidated with Subsidiaries” is filled in if the Bank has subsidiaries that are included in the scope consolidation
in accordance with prudential provisions. Meanwhile, if the Bank does not have a subsidiary, the Bank only discloses it table “Banks
Individually”.
6) “Additional Disclosures” is filled with an explanation of significant changes (if any) from the previous reporting period and the main
causes of these changes. Apart from that, the Bank must also explain the order of imposition of FKK, CKPN, etc MRK technique
used.
7) Footnotes:
1)
These are claims that fall within the portfolio category of claims to securities companies and service institutions other finance
as in Appendix A of this Financial Services Authority Circular Letter.
2)
Represents claims that are included in the scope of the portfolio category of claims to general corporate exposure corporations
as in Appendix A of this Financial Services Authority Circular Letter (excluding point 3) and point 4).
3)
Represents claims to securities companies and other financial service institutions that are not included in the portfolio
category as number 1).
4)
Represents claims that fall within the scope of the category of claims to special financing exposure corporations (with and
without rating) as in Appendix A of this Financial Services Authority Circular Letter.
5)
Not applicable in accordance with this Financial Services Authority Circular Letter.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 337
Page 340
Market Risk
Disclosure of Market Risk Using Standard Methods
As a bank that meets the criteria in accordance with Otoritas Commercial Banks, BRI regularly discloses market risks using the
Jasa Keuangan Regulation No.34 /POJK.03/2016 concerning Standard Method which is reported monthly to the Otoritas Jasa
Amendments to Otoritas Jasa Keuangan Regulation Number 11/ Keuangan, while consolidated positions with Subsidiaries are
POJK.03/2016 concerning Minimum Capital Requirements for reported quarterly.
Table of Disclosure of Market Risk Using the Standard Method
December 31, 2023 December 31, 2022
Individual Consolidated Individual Consolidated
No. Risk Type
Capital Capital Capital Capital
RWA RWA RWA RWA
Expense Expense Expense Expense
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
1 Interest Rate Risk
a. Specific Risk 4,142 51,773 10,667 133,342 3,696 46,204 9,774 122,180
b. General Risk 108,043 1,350,542 112,655 1,408,185 78,487 981,082 83,582 1,044,769
2 Exchange Rate Risk 156,540 1,956,750 249,105 3,113,812 167,272 2,090,904 284,579 3,557,241
3 Equity Risk*) 24,074 300,921 - - 35,329 441,608
4 Commodity Risk*) - - - -
5 Option Risk 227 2,837 227 2,837 - - - -
Total 268,952 3,361,902 396,728 4,959,097 249,455 3,118,189 413,264 5,165,797
*) For banks owning subsidiaries that had the risk exposure in question
Market risk calculations refers to the provisions regarding Risk (VaR) calculation which showed a value that describes the
guidelines for using standard methods in calculating KPMM for maximum potential loss experienced by the Bank as a result
Commercial Banks by taking market risk into account. of market movements that affected the Bank’s risk exposure
in normal market conditions with a 99% confidence level. The
In addition to the standard method above, currently BRI also methodology used in calculating VaR currently used the historical
calculates market risk using an internal method with a Value at VaR method.
Table of Market Risk Disclosure Using Internal Models (Value at Risk/VaR) - Bank Individually (in millions of rupiah)
December 31, 2023 December 31, 2022
Risk
No
Type Average Minimum Maximum VaR End of Average Minimum Maximum VaR End of
VaR VaR VaR Period VaR VaR VaR Period
1 Interest rate 226,724 120,293 333,276 206,473 71,324 28,411 150,840 60,118
Exchange
2 32,180 114 67,411 22,430 19,041 121 184,177 17
rate
Total 258,904 120,407 400,687 228,908 90,365 28,532 335,017 60,135
PT Bank Rakyat Indonesia (Persero) Tbk.
338 2023 Annual Report
Page 341
Management Discussion and Analysis
on Bank Performance
Disclosure of Interest Rate Risk Exposure In
Banking Book (IRRBB)
Interest rate risk in the banking book is a risk resulting from for Commercial Banks”. The method used by banks in measuring
movements in interest rates in the market that are contrary to IRRBB Risk is as follows:
the position of the banking book, which has the potential to have 1. Measurement based on changes in the economic value of
an impact on the Bank’s capital and income both now and in the equity or ∆EVE, namely a method that measures the impact
future. of changes in interest rates on the economic value of Bank
equity; And
In calculating interest rate risk, BRI applies guidelines in 2. Measurement based on changes in net interest income or
accordance with SEOJK number 12/SEOJK.03/2018 concerning ∆NII, which is a method that measures the impact of changes
“Implementation of Risk Management and Risk Measurement in interest rates on Bank income.
Standard Approaches for Interest Rate Risk in the Banking Book
Table of Disclosure of Individual Bank Interest Rate Risk in Banking Book (IRRBB) Exposure
In IDR Million ∆ EVE ∆ NII
Period T T-1 T T-1
Parallel Up (15,434,868) (15,433,340) (14,675,909) (15,822,557)
Parallel Down 15,984,479 15,978,908 13,586,504 14,762,171
Steepener (7,978,955) (7,836,979) - -
Flattener 4,246,597 4,110,512 - -
Short Rate Up (3,317,921) (3,427,258) - -
Short Rate Down 3,330,907 3,440,991 - -
Negative Maximum Value (absolute) 15,434,868 15,433,340 14,675,909 15,822,557
Tier 1 Capital ( for ∆ EVE) or Projected Income
240,117,433 235,188,160 102,831,737 101,016,362
(for ∆ NII)
Maximum Value divided by Tier 1 Capital (for ∆
6.43% 6.56% 14.27% 15.66%
EVE) or Projected Income (for ∆ NII)
Qualitative Analysis
Interest Rate Risk in the Banking Book (IRRBB) is a risk resulting from movements in interest rates in the market that are contrary to the position of the
Banking Book, which has the potential to have an impact on BRI’s capital and profitability both now and in the future. The risk of movement in BRI interest
rates occurs because asset interest rates adjust more slowly than liability interest rates. This risk is due to BRI’s asset composition which is dominated by
fixed interest rates and has longer repricing maturities.
In mitigating IRRBB risk, BRI formulates a strategy for managing the impact of interest rate movements through the Asset and Liability Management
(ALCO) and Risk Management Committee (RMC) committees. ALCO is held every month to discuss asset and liability management strategies, including
balanced pricing, assets allocation, funding mix, gap management and capital management. RMC is carried out regularly every month with discussion of
updated market conditions, market risk profiles and the latest risk issues.
BRI calculates IRRBB quarterly using the Economic Value of Equity (EVE) and Net Interest Income (NII) methods. The EVE method used a long-term
perspective in calculating the sensitivity of interest rates to BRI Tier 1 capital. This EVE method has been in accordance with the guidelines from the
Otoritas Jasa Keuangan. Meanwhile, the NII method applies a short-term perspective in calculating the sensitivity of interest rates to BRI’s estimated
income in the next year.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 339
Page 342
Qualitative Analysis
The scenario used in calculating IRRBB was as follows:
a. Parallel Up (400 bps)
b. Parallel Down (400 bps)
c. Steepener (350 bps)
d. Flattener (350 bps)
e. Short Rate Up (500 bps)
f. Short Rate Down (500 bps)
In calculating IRRBB, BRI applies the following main modeling and parametric assumptions:
a. Cash flow calculations, instruments with floating interest rates use risk free sourced from Government Bonds IDR and Government Bonds USD. The
margin used was sourced from the average margin of each instrument. Meanwhile, instruments with fixed interest rates used the effective interest rate
as the basis for determining cash flow.
b. Non Maturity Deposit (NMD) accounts consisting of current accounts and savings were placed in the overnight time bucket, 3 - 4 year time bucket and
4 - 5 year time bucket in accordance with the maximum caps determined by the regulator. NMD placed in the longest time bucket becomes a BRI core
fund which has a lower interest rate sensitivity than non-core funds placed in the overnight time bucket.
c. Determining prepayment risk based on historical data according to loan segments and products within a period considered adequate. The baseline
calculation of the prepayment percentage is the average of the total loan balances paid off before maturity to the total loan balances in each segment.
Meanwhile, in determining early redemption, the method uses a historical approach to the report position to determine the deposit balance paid off
before maturity within a certain period of time against the total deposit balance for the current month.
d. Apart from modeling prepayment risk and early redemption, BRI also determines internal modeling for NPL accounts. Commercial Retail NPL with a
maximum ceiling of IDR5 billion was placed in a time bucket of 3.5 years. Meanwhile, Medium Corporate NPLs with a ceiling above IDR5 billion were
placed in the 3 year time bucket. NPL accounts were non-rate where the estimated cash flow did not take interest into account.
e. IRRBB calculations used rupiah and USD. Foreign currencies other than these currencies were aggregated into the USD calculation.
Qualitative Analysis
Current accounts and savings are savings that do not have a term and contractually have an overnight maturity. Meanwhile, behaviorally, BRI places
current and savings accounts in the overnight time bucket, 3 - 4 year time bucket and 4 - 5 year time bucket. Distribution of BRI Non Maturity Deposits
according to the time period of December 31, 2023:
a. Current Account; Overnight time bucket (61.51%), 3 - 4 year time bucket (29.15%) and 4 - 5 year time bucket (9.33%).
b. Savings; Overnight time bucket (18.66%) and 4 - 5 year time bucket (81.34%).
Table of Disclosure of Bank Consolidated Interest Rate Risk in Banking Book (IRRBB) Exposure
In Million Rupiah ∆ EVE ∆ NII
Period T T - 1 (June) T T - 1 (June)
Parallel Up (15,704,299) (14,649,811) (15,111,678) (15,101,794)
Parallel Down 16,262,347 15,169,505 14,037,969 14,028,086
Steepener (8,115,636) (7,433,348) - -
Flattener 4,317,594 3,897,117 - -
Short Rate Up (3,377,911) (3,257,837) - -
Short Rate Down 3,391,191 3,270,707 - -
Negative Maximum Value (absolute) 15,704,299 14,649,811 15,111,678 15,101,794
Tier 1 Capital ( for ∆ EVE) or Projected Income (for
243,313,025 230,762,254 99,302,625 99,213,915
∆ NII)
Maximum Value divided by Tier 1 Capital (for ∆
6.45% 6.35% 15.22% 15.22%
EVE) or Projected Income (for ∆ NII)
PT Bank Rakyat Indonesia (Persero) Tbk.
340 2023 Annual Report
Page 343
Management Discussion and Analysis
on Bank Performance
Qualitative Analysis
1 Interest Rate Risk in the Banking Book (IRRBB) is a risk resulting from movements in interest rates in the market that are contrary to the position of
the Banking Book, which has the potential to have an impact on BRI’s capital and profitability both now and in the future. The risk of movement in BRI
interest rates occurs because asset interest rate adjustments are slower than liability interest rate adjustments due to BRI’s asset composition being
dominated by fixed interest rates and having longer repricing maturities.
2 In mitigating IRRBB risk, BRI formulates a strategy for managing the impact of interest rate movements through the Assets and Liability Management
(ALCO) committee and the Integrated Risk Management Committee (RMC). ALCO is held every month to discuss asset and liability management
strategies, including balanced pricing, assets allocation, funding mix, gap management and capital management. Meanwhile, Integrated RMC is
carried out bank wide with subsidiary companies to discuss market risk profile assessments and the latest risk issues.
3 BRI calculates the Consolidated IRRBB semi-annually using the Economic Value of Equity (EVE) and Net Interest Income (NII) methods. The EVE
method uses a long-term perspective in calculating interest rate sensitivity to BRI Tier 1 capital and has been adjusted to the guidelines from the
Otoritas Jasa Keuangan. Meanwhile, the NII method uses a short-term perspective in calculating the sensitivity of interest rates to BRI’s estimated
income in one year.
4 The scenario used in calculating BRI’s IRRBB is as follows:
a. Parallel Up (400 bps)
b. Parallel Down (400 bps)
c. Steepener (350 bps)
d. Flattener (350 bps)
e. Short Rate Up (500 bps)
f. Short Rate Down (500 bps)
5 a. In calculating cash flows, instruments for assets and liabilities with floating interest rates use risk free sources from Government Bonds IDR and
Government Bonds USD. The margin used comes from the average margin of each instrument segment. Asset and liability instruments with
fixed interest rates use the yield reference charged on the instrument as the basis for determining cash flow.
b. Non Maturity Deposit (NMD) accounts, namely current and savings accounts placed on an overnight period, a time scale of 3 - 4 years and 4 - 5
years in accordance with the maximum caps determined by the regulator. NMD placed on the longest time scale is a BRI core fund which has a
lower interest rate sensitivity than non-core funds placed on an overnight time scale.
c. Determining prepayment risk based on historical data according to loan segments and products within a period that is considered adequate.
The baseline calculation of the prepayment percentage is the average of the total loan balances paid off before maturity to the total loan
balances per each segment. Meanwhile, in determining early redemption, use a historical approach with adequate data sources and other
relevant approaches. The baseline percentage used in early redemption is the deposit balance that is paid off before maturity within a certain
period of time against the total deposit balance for the current month.
d. IRRBB calculations use rupiah and USD. All currencies other than these currencies are aggregated into the USD calculation.
Quantitative Analysis
1 Current accounts and savings are savings that do not have a term and contractually have an overnight maturity. Behaviorally, BRI consolidatedly
places current and savings accounts as of December 31 2023 in 3 separate time buckets, namely:
a. Overnight (non corefund), Current Account (61.53%) and Savings (18.77%)
b. 3 - 4 years (corefund), Current Account (29.16%) and Savings (0.03%)
c. 4 - 5 years (corefund), Current Account (9.31%) and Savings (81.20%)
In addition to disclosing IRRBB exposure, exchange rate risk disclosure positions in foreign currency, as well as structural positions in foreign
is also carried out. Exchange rate risk arises due to movements in currency due to capital investments. BRI managed exchange rate
market exchange rates that are contrary to BRI’s foreign exchange risk by monitoring and managing Net Foreign Exchange Position
position. Exchange rate risk originates from assets and liabilities (PDN) in accordance with risk limits and regulations with the actual
on the Bank’s balance sheet in foreign currency, foreign exchange position as of the end of December 2023. BRI’s absolute PDN was
transactions with customers and counterparties which result in open 0.76% of capital.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 341
Page 344
Liquidity Risk
Risks caused by the Bank’s inability to meet maturing obligations measuring the short-term and long-term liquidity adequacy
from cash flow funding sources, and/or from high quality liquid ratios faced by the Bank using the Liquidity Coverage Ratio (LCR)
assets that can be pledged, without disrupting the Bank’s and Net Stable Funding Ratio (NSFR). The disclosure of LCR and
activities and financial condition. BRI manages liquidity risk by NSFR ratios is presented in the following tables.
Liquidity Risk Disclosure
Liquidity Coverage Ratio (LCR)
Tabel LCR
Individual
December 31, 2023 September 31, 2023
HQLA value after HQLA value after
haircut, outstanding haircut, outstanding
obligations obligations
No Component and and
Outstanding value Outstanding value
commitments commitments
of obligations and of obligations and
multiplied by multiplied by
commitments/value of commitments/value of
run-off rate or run-off rate or
contractual claims contractual claims
contractual contractual
receivable value receivable value
multiplied by inflow multiplied by inflow
rate. rate.
Number of data points used in
1 92 days 92 days
LCR calculations
HIGH QUALITY LIQUID ASSET (HQLA)
Total High Quality Liquid Asset
2 351,342,966 316,035,475
(HQLA)
CASH OUTFLOW
Individual customer deposits
and funding from Micro
3 603,604,751 34,238,797 597,331,363 33,770,169
Business and Small Business
customers, consisting of:
a. Stable savings/funding 522,433,561 26,121,678 519,259,342 25,962,967
b. Less stable Savings/Funding 81,171,190 8,117,119 78,072,021 7,807,202
Funding from corporate
4 541,386,176 176,306,736 505,656,921 168,003,655
customers consists of:
a. Operational savings 286,139,700 70,964,901 254,488,843 63,070,354
b. Non-operational savings and/
or other non-operational 255,087,648 105,183,006 248,825,530 102,590,752
liabilities
c. Securities in the form of debt
158,829 158,829 2,342,548 2,342,548
securities issued by banks
Funding with collateral
5 6,484,306 838,982 16,710,649 1,977,271
(secured funding)
PT Bank Rakyat Indonesia (Persero) Tbk.
342 2023 Annual Report
Page 345
Management Discussion and Analysis
on Bank Performance
(in millions of Rupiah)
Consolidation
December 31, 2023 September 31, 2023
HQLA value after HQLA value after
haircut, outstanding haircut, outstanding
obligations obligations
and and
Outstanding value of Outstanding value of
commitments commitments
obligations and obligations and
multiplied by multiplied by
commitments/value of commitments/value of
run-off rate or run-off rate or
contractual claims contractual claims
contractual contractual
receivable value receivable value
multiplied by inflow multiplied by inflow
rate. rate.
92 days 92 days
356,403,626 320,997,995
605,773,609 34,409,909 599,526,286 33,940,880
523,349,033 26,167,452 520,234,968 26,011,748
82,424,575 8,242,458 79,291,318 7,929,132
545,054,594 178,033,997 508,768,329 169,489,916
287,103,998 71,193,042 255,187,685 63,236,131
257,791,767 106,682,126 251,238,096 103,911,236
158,829 158,829 2,342,548 2,342,548
6,668,534 838,982 16,917,784 1,977,271
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 343
Page 346
Individual
December 31, 2023 September 31, 2023
HQLA value after HQLA value after
haircut, outstanding haircut, outstanding
obligations obligations
No Component and and
Outstanding value Outstanding value
commitments commitments
of obligations and of obligations and
multiplied by multiplied by
commitments/value of commitments/value of
run-off rate or run-off rate or
contractual claims contractual claims
contractual contractual
receivable value receivable value
multiplied by inflow multiplied by inflow
rate. rate.
Other cash outflows (additional
6 310,133,572 32,961,162 296,310,182 31,386,340
requirements), consisting of:
a. Cash outflow on derivative
16,807,160 16,807,160 12,433,827 12,433,827
transactions
b. Cash outflow due to
- - - -
increased liquidity needs
c. Cash outflow due to loss of
- - - -
funding
d. Cash outflow from drawdown
of loan facility commitments 112,222,694 10,173,264 111,997,279 10,077,859
and liquidity facilities
e. Cash outflow for other
contractual obligations
- - - -
related to distribution of
funds
f. Cash outflow of other
180,539,155 5,416,175 168,045,797 5,041,374
funding contingent liabilities
g. Other contractual cash
564,563 564,563 3,833,280 3,833,280
outflows
7 TOTAL CASH OUTFLOW 244,345,678 235,137,435
CASH INFLOW
Loans with collateral Secured
8 9,487,289 - 4,404,225 -
lending
9 Bill from the counterparty 13,928,134 6,964,175 13,543,863 6,772,045
10 Other cash inflows 20,016,159 20,016,159 16,515,058 16,515,058
11 TOTAL CASH INFLOW 26,980,334 23,287,103
TOTAL ADJUSTED TOTAL ADJUSTED
VALUE1 VALUE1
12 TOTAL HQLA 351,342,966 316,035,475
13 TOTAL NET CASH OUTFLOWS 217,365,343 211,850,332
14 LCR (%) 161.64% 149.18%
Information
Adjusted values are calculated after applying haircuts, run-off rates and inflow rates as well as maximum limits for HQLA components, for example the maximum limit for HQLA Level
2B and HQLA Level 2 as well as the maximum limit for cash inflow that can be considered in the LCR.
PT Bank Rakyat Indonesia (Persero) Tbk.
344 2023 Annual Report
Page 347
Management Discussion and Analysis
on Bank Performance
Consolidation
December 31, 2023 September 31, 2023
HQLA value after HQLA value after
haircut, outstanding haircut, outstanding
obligations obligations
and and
Outstanding value of Outstanding value of
commitments commitments
obligations and obligations and
multiplied by multiplied by
commitments/value of commitments/value of
run-off rate or run-off rate or
contractual claims contractual claims
contractual contractual
receivable value receivable value
multiplied by inflow multiplied by inflow
rate. rate.
310,438,865 33,136,699 296,481,173 31,410,875
16,807,160 16,807,160 12,433,827 12,433,827
- - - -
- - - -
112,376,628 10,198,048 112,167,995 10,102,387
150,735 150,735 - -
180,539,780 5,416,193 168,046,071 5,041,382
564,563 564,563 3,833,280 3,833,280
246,419,587 236,818,942
9,487,289 - 4,404,225 -
14,025,297 7,016,451 13,650,064 6,828,530
20,034,220 20,025,190 16,532,711 16,523,884
27,041,641 23,352,414
TOTAL ADJUSTED VALUE1 TOTAL ADJUSTED VALUE1
356,403,626 320,997,995
219,377,946 213,466,528
162.46% 150.37%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 345
Page 348
Individual Analysis Consolidated Analysis
• BRI’s Individual Liquidity Coverage Ratio (LCR) for the fourth quarter of • BRI’s consolidated Liquidity Coverage Ratio (LCR) position in Quarter IV
2023 was 161.64%, an increase of 12.46% compared to the third quarter 2023 was 162.46%, an increase of 12.09% compared to the position in
of 2023 position of 149.18%. This increase in ratio was caused by: Quarter III 2023 of 150.37%. The decrease in this ratio was caused by:
a. The increase in HQLA was IDR35.31 trillion or 11.17%, dominated by: a. The increase in HQLA was IDR35.41 trillion or 11.03%, dominated by:
- Increase in Cash and Cash Equivalents component by IDR0.70 - Increase in Cash and Cash Equivalents component by IDR0.70
trillion, trillion,
- Increase in the placement component with Bank Indonesia - Increase in the placement component with Bank Indonesia
that can be withdrawn during stressful conditions amounting to that can be withdrawn during stressful conditions amounting to
IDR32.07 trillion, and IDR32.12 trillion, and
- Increase in components of Securities issued by the Central - Increase in the component of Securities issued by the Central
Government and Bank Indonesia in Rupiah and Foreign Currency Government and Bank Indonesia in Rupiah and Foreign Currency
by IDR2.81 trillion. by IDR2.88 trillion.
b. Increase in Net Cash Outflow (NCO) of IDR5.52 trillion or 2.60% which b. Increase in Net Cash Outflow (NCO) of IDR5.91 trillion or 2.77% which
is the difference between Cash Outflow and Cash Inflow. is the difference between Cash Outflow and Cash Inflow.
Total Cash Outflow increased by IDR9.21 trillion, dominated by: Total Cash Outflow increased by IDR9.60 trillion, dominated by:
- Increase in the Amount of Individual Customer Deposit Withdrawals - Increase in the Amount of Individual Customer Deposit Withdrawals
amounting to IDR0.33 trillion, amounting to IDR0.33 trillion,
- Increase in the number of Micro and Small Business Funding - Increase in the number of Micro and Small Business Funding
Withdrawals by IDR0.14 trillion, Withdrawals by IDR0.14 trillion,
- Increase in the Number of Withdrawals originating from Corporate - Increase in the Number of Withdrawals originating from Corporate
Customers amounting to IDR8.30 trillion, Customers amounting to IDR8.54 trillion,
- Decrease in the Amount of Funding Withdrawals with Collateral - Decreased Amount of Funding Withdrawals with Collateral
(Secured Funding) amounting to IDR1.14 trillion, and (Secured Funding) amounting to IDR1.14 trillion, and
- Increase in the number of withdrawals related to other cash - Increase in the number of withdrawals related to other cash
outflows (Additional Requirements) amounting to IDR1.57 trillion. outflows (Additional Requirements) amounting to IDR1.73 trillion.
Total Cash Inflows increased by IDR3.69 trillion from: Total Cash Inflows increased by IDR3.69 trillion from:
- Increase in Total Cash Inflow based on counterparty amounting to - Increase in Total Cash Inflow based on counterparty amounting to
IDR0.19 trillion, and IDR0.19 trillion, and
- Increase in the amount of other cash inflows originating from - Increase in other cash inflows originating from derivative
derivative transactions amounting to IDR3.51 trillion. transactions amounting to IDR3.50 trillion.
• The composition of BRI’s HQLA is dominated by Level 1 assets amounting • The composition of BRI Consolidated HQLA (Bank Only) is dominated
to IDR350.77 trillion or 99.84% consisting of cash components, Liquidity by Level 1 assets amounting to IDR355.55 trillion or 99.76% consisting
Reserves at Bank Indonesia (GWM and Placements with BI) and Securities of Cash components, Liquidity Reserves at Bank Indonesia (GWM and
classified as level 1 assets. Meanwhile, the composition of level 2 assets Placements with BI) and Securities classified as level 1 assets. Meanwhile,
was IDR0.57 trillion or 0.16%. the composition of level 2 assets is IDR0.85 trillion or 0.24%.
• The majority of BRI’s funding sources (Bank Only) during Quarter IV 2023 • The majority of BRI (Consolidated) funding sources during Quarter
came from CASA amounting to 64.56% with the following composition: IV 2023 came from CASA amounting to 64.34% with the following
composition:
Funding Source Components Composition
Funding Source Components Composition
Demand Deposits 25.65%
Demand Deposits 25.56%
Savings 38.91%
Savings 38.78%
CASA 64.56%
CASA 64.34%
Deposits 35.44%
Deposits 35.66%
Total 100.00%
Total 100.00%
• BRI has a management strategy, early warning indicator, and Contingency
Funding Plan related to Liquidity risk. Liquidity risk management was • BRI has consolidatedly set limits related to liquidity risk. Liquidity risk
carried out by calculating cash flow projections, maturity profiles, management was carried out by monitoring the liquidity risk limits of BRI
monitoring liquidity limits and carrying out periodic liquidity stress and Subsidiaries as well as carrying out periodic liquidity stress testing.
testing. • BRI regularly coordinated with Subsidiaries regarding monitoring of
• Liquidity risk management and contingency funding plan simulations predetermined liquidity risk limits. In addition, BRI regularly holds
were carried out by the Liquidity Continuity Management Team. meetings with Subsidiaries in the Integrated Risk Management
Determination and monitoring of limits as an early warning indicator of Committee forum in which one of the agendas was to discuss BRI’s
liquidity as well as the implementation of periodic liquidity stress testing liquidity conditions on a consolidated basis and discussing follow-up
were carried out by the risk management work unit. Apart from that, plans for liquidity issues that impact BRI on a consolidated basis.
currently BRI has an Action Plan (Recovery Plan), which is one of the
enhancement steps in the Implementation of Risk Management and in
compliance with Regulatory provisions.
PT Bank Rakyat Indonesia (Persero) Tbk.
346 2023 Annual Report
Page 349
Management Discussion and Analysis
on Bank Performance
Net Stable Funding Ratio (NSFR)
Table of Individual NSFR (in millions of Rupiah)
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
1 Capital 311,667,821
Capital for Commercial Banks
1,1 - - - -
headquartered in Indonesia
1.1.1 Core Capital (Tier 1) 299,999,117 100% - n.a - n.a - n,a 299,999,117
Complementary Capital
1.1.2 11,668,704 100% - 0% - 0% - 100% 11,668,704
(Tier 2)
Capital for Foreign Bank
1,2 - 100% - 0% - 0% - 100%
Branch Offices
1,3 Other capital instruments - 100% - 0% - 0% - 100%
Deposits from individual
2 610,471,048
customers:
2,1 Stable Savings - - - -
Savings Without Term (Giro,
2.1.1 483,461,513 95% - n.a - n.a - n,a 459,288,437
Savings)
2.1.2 Savings with a term (deposits) 0 n.a 78,275,528 95% 5,304,332 95% 869,903 100% 80,270,770
2,2 Less Stable Savings - - - -
Savings Without Term (Giro,
2.2.1 23,964,169 90% - n.a - n.a - n,a 21,567,752
Savings)
2.2.2 Savings with a term (deposits) - n.a 43,828,033 90% 9,967,630 90% 927,993 100% 49,344,090
Funding from micro and
3 46,024,881
small business customers:
3,1 Stable Savings - - - -
Savings Without Term (Giro,
3.1.1 39,415,505 95% - n.a - n.a - n,a 37,444,729
Savings)
3.1.2 Savings with a term (deposits) - n.a 2,783,209 95% 384,853 95% 83,118 100% 3,092,777
3,2 Less Stable Savings - - - -
Savings Without Term (Giro,
3.2.1 4,698,516 90% - n.a - n.a - n,a 4,228,664
Savings)
3.2.2 Savings with a term (deposits) - n.a 1,242,699 90% 128,562 90% 24,575 100% 1,258,710
Funding from corporate
4 321,819,372
customers:
4,1 Operational savings 319,465,092 50% - 50% - 50% - 100% 159,732,546
Non-operational deposits
4,2 and/or other non-operational - - - - 162,086,826
liabilities from:
4.2.1 Non-financial companies - 0% 169,499,577 50% 54,446,480 50% 1,919,103 100% 113,892,132
4.2.2 Indonesian government - 0% 140,000 50% 34,500 50% - 100% 87,250
Governments of other
4.2.3 - 0% - 50% - 50% - 100% -
countries
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 347
Page 350
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
4.2.4 Public sector entities - 0% 18,790,908 50% 8,314,932 50% 147,196 100% 13,700,117
Multilateral development
4.2.5 - 0% 28,718 50% - 50% - 100% 14,359
bank
4.2.6 Bank Indonesia - 0% - 0% - 50% - 100% -
Central banks of other
4.2.7 - 0% - 0% - 50% - 100% -
countries
4.2.8 Financial institutions - 0% 51,510,779 0% 10,798,302 50% 9,958,301 100% 15,357,452
4.2.9 Other - 0% 7,698,500 0% 8,035,450 50% 15,017,791 100% 19,035,516
Liabilities that have a
5 dependency relationship - 0% - 0% - 0% - 0% -
with certain assets
6 Other liabilities and equity: 10,720,794
6,1 NSFR Derivative Liabilities - - 0% -
6,2 Deferred tax liabilities - 100% 14,196,379 0% - 50% - 100% -
Non-controlling interests that
do not meet the requirements
6,3 - 100% - 0% - 50% - 100% -
to be counted as primary core
capital (Tier 1)
6,4 Trade date payable - 0% - 0% - 0% - 0% -
Equity and other liabilities
not included in the above
6,5 63,747,501 0% 22,104,442 0% 2,867,894 50% 9,286,847 100% 10,720,794
categories, including other
liabilities without a term*)
7 Total ASF 1,300,703,916
Table of Individual NSFR (in millions of Rupiah)
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
Assets On The Balance Sheet
Total HQLA in the
1 framework of NSFR 10.174.021
calculations
1,1 HQLA Level 1 376.236.737 16.661.436 1.551.000 21.161.019 10.070.923
1.1.1 Cash and cash equivalents 30.858.125 0% - n.a - n.a - n.a -
Placement with Bank
1.1.2 345.378.612 0% - 0% - 0% - 0% -
Indonesia
HQLA Level 1 excludes
1.1.3 assets that receive a 0% - 16.661.436 1.551.000 21.161.019
RSF factor
Free from all claims
1.1.3.1 - n.a 7.720.736 5% 0 5% 13.367.019 5% 1.054.388
(unencumbered)
PT Bank Rakyat Indonesia (Persero) Tbk.
348 2023 Annual Report
Page 351
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
Not free from all claims
(encumbered), based
1.1.3.2 - n.a 8.940.700 5% 1.551.000 50% 7.794.000 100% 9.016.535
on the remaining asset
binding period
1,2 HQLA Level 2A - 244.000 80.000 327.190 97.679
Free from all claims
1.2.1 - n.a 244.000 15% 80.000 15% 327.190 15% 97.679
(unencumbered)
Not free from all claims
(encumbered), based
1.2.2 - n.a - 15% - 50% - 100% -
on the remaining asset
binding period
1,3 HQLA Level 2B - - - 10.839 5.420
Free from all claims
1.3.1 - n.a - 50% - 50% 10.839 50% 5.420
(unencumbered)
Not free from all claims
(encumbered), based
1.3.2 - n.a - 50% - 50% - 100% -
on the remaining asset
binding period
Savings or placement
of funds with other
2 11.728.574
financial institutions for
operational activities
Free from all claims
2,1 23.457.149 50% - 50% - 50% - 100% 11.728.574
(unencumbered)
Not free from all claims
2,2 - - - -
(encumbered)
The remaining asset
2.2.1 binding period is <6 - 50% - 50% - 50% - 100% -
months
The remaining asset
2.2.2 binding period is ≥ 6 - 50% - 50% - 50% - 100% -
months - < 1 year
Remaining asset binding
2.2.3 - 100% - 100% - 100% - 100% -
period ≥ 1 year
Loans in the Current
and Special Mention
3 category (performing) 821.658.979
and non-default
securities
Loans in the Current
3,1 and Special Mention 812.521.187
category (performing):
Financial institutions
insured by HQLA
3.1.1 - 14.261.942 - - 1.426.194
Level 1 that meet the
requirements
Free from all claims
3.1.1.1 - n.a 14.261.942 10% - 50% - 100% 1.426.194
(unencumbered)
Not free from all claims
3.1.1.2 - - - -
(encumbered)
The remaining asset
3.1.1.2.1 binding period is <6 - n.a - 10% - 50% - 100% -
months
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 349
Page 352
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.1.2.2 binding period is ≥ 6 - n.a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.1.2.3 - n.a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-HQLA Level 1 insured
3.1.2 financial institutions that - - - - -
meet the requirements
Free from all claims
3.1.2.1 - n.a - 15% - 50% - 100% -
(unencumbered)
Not free from all claims
3.1.2.2 - - - -
(encumbered)
The remaining asset
3.1.2.2.1 binding period is <6 - n.a - 15% - 50% - 100% -
months
The remaining asset
3.1.2.2.2 binding period is ≥ 6 - n.a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.2.2.3 - n.a - 100% - 100% - 100% -
binding period is ≥ 1 year
Financial institutions
and without collateral,
including placement
of funds (without term
3.1.3 - - - - -
and with term) in other
financial institutions
and not for operational
activities
Free from all claims
3.1.3.1 - 15% - 15% - 50% - 100% -
(unencumbered)
Not free from all claims
3.1.3.2 - - - - -
(encumbered)
The remaining asset
3.1.3.2.1 binding period is <6 - n.a - 15% - 50% - 100% -
months
The remaining asset
3.1.3.2.2 binding period is ≥ 6 - n.a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.3.2.3 - n.a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-financial companies,
individual customers
and micro and small
business customers, the
3.1.4 Government of Indonesia, - 80.298.479 90.885.636 766.507.242 737.047.496
governments of other
countries, public sector
entities and other loans,
including:
A risk weight of ≤ 35%
was applied in calculating
3.1.4.1 - 802.081 - 378.586 647.122
credit risk RWA using the
standard approach
Free from all claims
3.1.4.1.1 - n.a 802.081 50% - 50% 378.586 65% 647.122
(unencumbered)
Not free from all claims
3.1.4.1.2 - - - - -
(encumbered)
PT Bank Rakyat Indonesia (Persero) Tbk.
350 2023 Annual Report
Page 353
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.4.1.2.1 binding period is <6 - n,a - 50% - 50% - 65% -
months
The remaining asset
3.1.4.1.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 65% -
months - < 1 year
The remaining asset
3.1.4.1.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
A risk weight of > 35%
is applied in calculating
3.1.4.2 - 79,496,398 90,885,636 766,128,656 736,400,374
credit risk RWA using the
standard approach
Free from all claims
3.1.4.2.1 - n,a 79,496,398 50% 90,885,636 50% 766,128,656 85% 736,400,374
(unencumbered)
Not free from all claims
3.1.4.2.2 - - - - -
(encumbered)
remaining asset binding
3.1.4.2.2.1 - n,a - 50% - 50% - 85% -
period < 6 months
remaining asset binding
3.1.4.2.2.2 period ≥ 6 months - < - n,a - 50% - 50% - 85% -
1 year
The remaining asset
3.1.4.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Receivables (including
loans) to Bank Indonesia
and central banks of
other countries with
a remaining term of
3.1.5 - - - - -
less than 1 year other
than securities issued
or guaranteed by Bank
Indonesia and central
banks of other countries
Free from all claims
3.1.5.1 - n,a - 0% - 50% -
(unencumbered)
Not free from all claims
3.1.5.2 - - - -
(encumbered)
The remaining asset
3.1.5.2.1 binding period is <6 - n,a - 0% - 50% -
months
The remaining asset
3.1.5.2.2 binding period is ≥ 6 - n,a - 50% - 50% -
months - < 1 year
The remaining asset
3.1.5.2.3 - n,a - 100% - 100% -
binding period is ≥ 1 year
Receivables from Bank
Indonesia and central
banks of other countries
3.1.6 (example: securities - - - -
issued by Bank Indonesia
and central banks of other
countries)
Free from all claims
3.1.6.1 - n,a - 0% - 5% - 5% -
(unencumbered)
Not free from all claims
3.1.6.2 - - - -
(encumbered)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 351
Page 354
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.6.2.1 binding period is <6 - n,a - 0% - 5% - 5% -
months
The remaining asset
3.1.6.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 50% -
months - < 1 year
The remaining asset
3.1.6.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
3.1.7 Residential mortgages: - 24,851,539 31,871,744 60,040,126 74,047,497
A risk weight of ≤ 35%
is applied in calculating
3.1.7.1 - 6,086,939 8,755,045 26,741,258 24,802,809
credit risk RWA using the
standard approach
Free from all claims
3.1.7.1.1 - n,a 6,086,939 50% 8,755,045 50% 26,741,258 65% 24,802,809
(unencumbered)
Not free from all claims
3.1.7.1.2 - - - - -
(encumbered)
The remaining asset
3.1.7.1.2.1 binding period is <6 - n,a - 50% - 50% - 65% -
months
The remaining asset
3.1.7.1.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 65% -
months - < 1 year
The remaining asset
3.1.7.1.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
A risk weight of > 35%
is applied in calculating
3.1.7.2 - 18,764,600 23,116,699 33,298,868 49,244,687
credit risk RWA using the
standard approach
Free from all claims
3.1.7.2.1 - n,a 18,764,600 50% 23,116,699 50% 33,298,868 85% 49,244,687
(unencumbered)
Not free from all claims
3.1.7.2.2 - - - - -
(encumbered)
The remaining asset
3.1.7.2.2.1 binding period is <6 - n,a - 50% - 50% - 85% -
months
The remaining asset
3.1.7.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 85% -
months - < 1 year
The remaining asset
3.1.7.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-default and non-
HQLA securities as well
3,2 as shares traded on the 9,137,792
exchange and non-HQLA,
with certain conditions
Free from all claims
3.2.1 - n,a 1,673,902 50% 1,845,212 50% 8,680,277 85% 9,137,792
(unencumbered)
Not free from all claims
3.2.2 - - - - -
(encumbered)
The remaining asset
3.2.2.1 binding period is <6 - n,a - 50% - 50% - 85% -
months
PT Bank Rakyat Indonesia (Persero) Tbk.
352 2023 Annual Report
Page 355
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 85% -
months - < 1 year
The remaining asset
3.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Assets with
4 interdependent liability
pairs
5 Other assets 108,249,825
Physical commodities
5,1 - 85% -
traded, including gold
Cash, securities and other
assets recorded as initial
margin for derivative Max Max Max
(85% (85% (85%
contracts and cash or
5,2 - ,faktor - ,faktor - ,faktor -
other assets submitted RSF RSF RSF
as default funds to the aset ) aset ) aset )
central counterparty
(CCP)
5,3 NSFR derivative assets 3,211,527 100% - 100% - 100% 3,211,527
20% derivative liabilities
5,4 before deducting variation 488,709 100% - 100% - 100% 488,709
margin
5,5 Trade date receivables - 0% - 0% - 0% - 0% -
Loans with Substandard,
5,6 Doubtful and Loss quality - 100% 3,049,331 100% 733,204 100% 5,209,933 100% 8,992,467
(Non-Performing Loans)
Shares not traded on an
5,7 - n,a - 100% - 100% 3,614,321 100% 3,614,321
exchange
5,8 Fixed assets - n,a - 100% - 100% 32,987,733 100% 32,987,733
5,9 Capital reduction factor - n,a - 100% - 100% 49,077,211 100% 49,077,211
5,10 Securities in default - n,a - 100% - 100% - 100% -
mengikuti
RSF aset
Other assets not free from saat
5,11 - - - - 100% -
all claims (encumbered) bebas dari
segala
klaim
Other assets that do
5,12 not fall into the above 9,877,856 100% - 100% - 100% - 100% 9,877,856
categories**)
6 Total aset - - - - 951,811,399
Administrative Account Transactions
Commitment obligations
in the form of loan
facilities and liquidity
7 facilities irrevocable or - 5% 87,905,384 5% 120,451,746 5% 10,417,856
can be canceled with
conditions (conditionally
revocable)
Loan facilities and
8 liquidity facilities - 0% - 0% - 0% -
unconditionally revocable
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 353
Page 356
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
Liabilities originating
from trade finance
9 instruments (including 2,427,321 3% - 3% - 3% 72,820
guarantees and letters of
credit (L/C))
Letters of credit (L/C) and
10 guarantees not related to - 5% - 5% - 5% -
trade finance obligations
Non-contractual
11 - 5% - 5% - 5% -
obligations
Total administrative
12 - - - - 10,490,676
account transactions
13 Total RSF - 962,302,075
Net Stable Funding Ratio
14 135.17%
(%)
Table of Consolidated NSFR (in millions of Rupiah)
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
1 Capital 315,157,201
Capital for Commercial Banks
1,1 -
headquartered in Indonesia
1,1,1 Core Capital (Tier 1) 303,419,698 100% n,a n,a - n,a 303,419,698
Complementary Capital
1,1,2 11,737,503 100% - 0% - 0% - 100% 11,737,503
(Tier 2)
Capital For Foreign Bank
1,2 - 100% - 0% - 0% - 100%
Branch Offices
1,3 Other capital instruments - 100% - 0% - 0% - 100%
Deposits originating from
2 611,715,107
individual customers:
2,1 Stable Savings
Savings without a term
2,1,1 484,077,346 95% n,a n,a n,a 459,873,479
(current account, savings)
2,1,2 Savings with a term (deposits) n,a 78,355,848 95% 5,305,830 95% 871,170 100% 80,349,764
2,2 Less Stable Savings
Savings without a term
2,2,1 24,304,492 90% n,a n,a n,a 21,874,042
(current account, savings)
2,2,2 Savings with a term (deposits) n,a 44,131,847 90% 9,967,630 90% 928,293 100% 49,617,822
Funding from micro and
3 47,631,346
small business customers:
3,1 Stable Savings
Savings without a term
3,1,1 39,632,609 95% n,a n,a n,a 37,650,978
(current account, savings)
PT Bank Rakyat Indonesia (Persero) Tbk.
354 2023 Annual Report
Page 357
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
3,1,2 Savings with a term (deposits) n,a 2,806,200 95% 386,913 95% 83,118 100% 3,116,576
3,2 Less Stable Savings
Savings without a term
3,2,1 4,719,723 90% n,a n,a n,a 4,247,751
(current account, savings)
3,2,2 Savings with a term (deposits) n,a 2,733,144 90% 146,262 90% 24,575 100% 2,616,041
Funding from corporate
4 322,980,217
customers:
4,1 Operational savings 320,508,273 50% - 50% - 50% - 100% 160,254,136
Non-operational deposits
4,2 and/or other non-operational 162,726,081
liabilities originating from:
4,2,1 Non-financial companies - 0% 170,670,389 50% 54,446,480 50% 1,919,103 100% 114,477,538
4,2,2 Indonesian government - 0% 140,000 50% 34,500 50% - 100% 87,250
governments of other
4,2,3 - 0% - 50% - 50% - 100% -
countries
4,2,4 Public sector entities - 0% 18,892,007 50% 8,314,932 50% 147,196 100% 13,750,666
Multilateral development
4,2,5 - 0% 28,718 50% - 50% - 100% 14,359
bank
4,2,6 Bank Indonesia - 0% - 0% - 50% - 100% -
Central banks of other
4,2,7 - 0% - 0% - 50% - 100% -
countries
4,2,8 Financial institutions - 0% 52,365,900 0% 10,798,302 50% 9,958,301 100% 15,357,452
4,2,9 Other - 0% 9,593,699 0% 8,042,050 50% 15,017,791 100% 19,038,816
Liabilities that have a
5 dependency relationship 0% 0% 0% 0% -
with certain assets
6 Other liabilities and equity: 10,720,794
6,1 NSFR Derivative Liabilities - 0% -
6,2 Deferred tax liabilities - 100% 14,196,379 0% - 50% - 100% -
Non-controlling interests that
do not meet the requirements
6,3 - 100% - 0% - 50% - 100% -
to be counted as primary core
capital (Tier 1)
6,4 Trade date payable - 0% - 0% - 0% - 0% -
Equity and other liabilities
not included in the above
6,5 64,214,340 0% 22,475,739 0% 2,867,894 50% 9,286,847 100% 10,720,794
categories, including other
liabilities without a term
7 Total ASF 1,308,204,666
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 355
Page 358
INDIVIDUAL ANALYSIS
Table of Qualitative Analysis of Net Stable Funding Ratio (NSFR) Individually (in millions of Rupiah)
Ratio Component December 2023 September 2023
Available Stable Funding (ASF) 1,300,703,916 1,250,203,468
Net Stable Funding Ratio (NSFR)
Required Stable Funding (RSF) 962,302,075 940,633,464
NSFR 135.17% 132.91%
PT Bank Rakyat Indonesia (Persero), Tbk’s Net Stable Funding Ratio (NSFR) position in December 2023 was 135.17%, an increase of 2.26% compared to
the position in September 2023 of 132.91%. This increase was due to the percentage increase in the Available Stable Funding (ASF) component which
was higher than the percentage increase in the Required Stable Funding (RSF) component.
Total BRI Individual ASF for the December 2023 period was IDR1,300.70 trillion, an increase of IDR50.50 trillion or 4.04% compared to the September
2023 period of IDR1,250.20 trillion.
The increase in the ASF component of IDR50.50 trillion came from:
- Increase in BRI Capital by IDR4.31 trillion.
- Increase funding from individual customers amounting to IDR25.67 trillion.
- Increase funding from micro, small business customers by IDR0.63 trillion.
- Increase funding from corporate customers amounting to IDR22.75 trillion.
- Decrease in other liabilities and equity of IDR2.86 trillion.
The total BRI Individual RSF for the December 2023 period was IDR962.30 trillion, an increase of IDR21.67 trillion or 2.30% compared to the September
2023 period of IDR940.63 trillion.
The increase in the RSF component of IDR21.67 trillion came from:
- The increase in HQLA for the NSFR calculation is IDR0.70 trillion.
- Increase in deposits at other financial institutions for operational purposes amounting to IDR5.68 trillion.
- Increase in loans in the current and DPK (performing) categories and securities amounting to IDR11.21 trillion.
- Increase in other assets of IDR2.79 trillion.
- Increase in administrative accounts of IDR1.29 trillion.
Table of Consolidated NSFR (in IDR Million)
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
Assets On The Balance Sheet
Total HQLA in the
1 framework of NSFR 10,458,776
calculations
1.1 HQLA Level 1 10,256,769
1.1.1 Cash and cash equivalents 30,868,898 0% n,a n,a n,a -
Placement with Bank
1.1.2 345,378,612 0% 965,320 0% - 0% - 0% -
Indonesia
HQLA Level 1 excludes
1.1.3 assets that receive a 0%
RSF factor
Free from all claims
1.1.3.1 - n,a 8,246,499 5% 266,563 5% 16,291,615 5% 1,240,234
(unencumbered)
Not free from all claims
(encumbered), based
1.1.3.2 - n,a 8,940,700 5% 1,551,000 50% 7,794,000 100% 9,016,535
on the remaining asset
binding period
1.2 HQLA Level 2A 196,588
PT Bank Rakyat Indonesia (Persero) Tbk.
356 2023 Annual Report
Page 359
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
Free from all claims
1.2.1 - n,a 514,514 15% 153,980 15% 642,090 15% 196,588
(unencumbered)
Not free from all claims
(encumbered), based
1.2.2 - n,a - 15% - 50% - 100% -
on the remaining asset
binding period
1.3 HQLA Level 2B 5,420
Free from all claims
1.3.1 - n,a - 50% - 50% 10,839 50% 5,420
(unencumbered)
Not free from all claims
(encumbered), based
1.3.2 - n,a - 50% - 50% - 100% -
on the remaining asset
binding period
Savings or placement
of funds with other
2 11,802,122
financial institutions for
operational activities
Free from all claims
2.1 23,457,149 50% 147,095 50% - 50% - 100% 11,802,122
(unencumbered)
Not free from all claims
2.2
(encumbered)
The remaining asset
2.2.1 binding period is <6 - 50% - 50% - 50% - 100% -
months
The remaining asset
2.2.2 binding period is ≥ 6 - 50% - 50% - 50% - 100% -
months - < 1 year
The remaining asset
2.2.3 - 100% - 100% - 100% - 100% -
binding period is ≥ 1 year
Loans in the Current
and Special Mention
3 category (performing) 826,058,044
and securities not in
default
Loans in the Current and
3.1 Special Mention category 816,920,252
(performing):
Financial institutions
insured by HQLA
3.1.1 1,450,700
Level 1 that meet the
requirements
Free from all claims
3.1.1.1 - n,a 14,506,998 10% - 50% - 100% 1,450,700
(unencumbered)
Not free from all claims
3.1.1.2 - - - -
(encumbered)
The remaining asset
3.1.1.2.1 binding period is <6 - n,a - 10% - 50% - 100% -
months
The remaining asset
3.1.1.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.1.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-HQLA Level 1 insured
3.1.2 financial institutions that -
meet the requirements
Free from all claims
3.1.2.1 - n,a - 15% - 50% - 100% -
(unencumbered)
Not free from all claims
3.1.2.2 - - - -
(encumbered)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 357
Page 360
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.2.2.1 binding period is <6 - n,a - 15% - 50% - 100% -
months
The remaining asset
3.1.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Financial institutions
and without collateral,
including placement
of funds (without term
3.1.3 -
and with term) in other
financial institutions
and not for operational
activities
Free from all claims
3.1.3.1 - 15% - 15% - 50% - 100% -
(unencumbered)
Not free from all claims
3.1.3.2 - - - - -
(encumbered)
The remaining asset
3.1.3.2.1 binding period is <6 - n,a - 15% - 50% - 100% -
months
The remaining asset
3.1.3.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 100% -
months - < 1 year
The remaining asset
3.1.3.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-financial companies,
individual customers
and micro and small
business customers, the
3.1.4 Government of Indonesia, 740,973,953
governments of other
countries, public sector
entities and other loans,
including:
A risk weight of ≤ 35%
is applied in calculating
3.1.4.1 775,999
credit risk RWA using the
standard approach
Free from all claims
3.1.4.1.1 - n,a 802,081 50% - 50% 576,859 65% 775,999
(unencumbered)
Not free from all claims
3.1.4.1.2 - 0 - - -
(encumbered)
The remaining asset
3.1.4.1.2.1 binding period is <6 - n,a 0 50% - 50% - 65% -
months
The remaining asset
3.1.4.1.2.2 binding period is ≥ 6 - n,a 0 50% - 50% - 65% -
months - < 1 year
The remaining asset
3.1.4.1.2.3 - n,a 0 100% - 100% - 100% -
binding period is ≥ 1 year
A risk weight of > 35%
is applied in calculating
3.1.4.2 740,197,954
credit risk RWA using the
standard approach
Free from all claims
3.1.4.2.1 - n,a 80,251,333 50% 91,652,038 50% 769,701,493 85% 740,197,954
(unencumbered)
Not free from all claims
3.1.4.2.2 - - - - -
(encumbered)
PT Bank Rakyat Indonesia (Persero) Tbk.
358 2023 Annual Report
Page 361
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.4.2.2.1 binding period is <6 - n,a - 50% - 50% - 85% -
months
The remaining asset
3.1.4.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 85% -
months - < 1 year
The remaining asset
3.1.4.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Receivables (including
loans) to Bank Indonesia
and central banks of
other countries with
a remaining term of
3.1.5 -
less than 1 year other
than securities issued
or guaranteed by Bank
Indonesia and central
banks of other countries
Free from all claims
3.1.5.1 - n,a - 0% - 50% - -
(unencumbered)
Not free from all claims
3.1.5.2 - - - - -
(encumbered)
The remaining asset
3.1.5.2.1 binding period is <6 - n,a - 0% - 50% - -
months
The remaining asset
3.1.5.2.2 binding period is ≥ 6 - n,a - 50% - 50% - -
months - < 1 year
The remaining asset
3.1.5.2.3 - n,a - 100% - 100% - -
binding period is ≥ 1 year
Receivables from Bank
Indonesia and central
banks of other countries
3.1.6 (example: securities
issued by Bank Indonesia
and central banks of other
countries)
Free from all claims
3.1.6.1 - n,a - 0% - 5% - 5% -
(unencumbered)
Not free from all claims
3.1.6.2 - - - -
(encumbered)
The remaining asset
3.1.6.2.1 binding period is <6 - n,a - 0% - 5% - 5% -
months
The remaining asset
3.1.6.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 50% -
months - < 1 year
The remaining asset
3.1.6.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Residential mortgages,
3.1.7 74,495,599
including:
A risk weight of ≤ 35%
is applied in calculating
3.1.7.1 24,802,809
credit risk RWA using the
standard approach
Free from all claims
3.1.7.1.1 - n,a 6,086,939 50% 8,755,045 50% 26,741,258 65% 24,802,809
(unencumbered)
Not free from all claims
3.1.7.1.2 - - - - -
(encumbered)
The remaining asset
3.1.7.1.2.1 binding period is <6 - n,a - 50% - 50% - 65% -
months
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 359
Page 362
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
The remaining asset
3.1.7.1.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 65% -
months - < 1 year
The remaining asset
3.1.7.1.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
subject to a risk weight
of > 35% in calculating
3.1.7.2 49,692,790
credit risk RWA using the
standard approach
Free from all claims
3.1.7.2.1 - n,a 18,860,227 50% 23,194,327 50% 33,724,133 85% 49,692,790
(unencumbered)
Not free from all claims
3.1.7.2.2 - - - - -
(encumbered)
The remaining asset
3.1.7.2.2.1 binding period is <6 - n,a - 50% - 50% - 85% -
months
The remaining asset
3.1.7.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 85% -
months - < 1 year
The remaining asset
3.1.7.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
Non-default and non-
HQLA securities as well
3.2 as shares traded on the 9,137,792
exchange and non-HQLA,
with certain conditions
Free from all claims
3.2.1 - n,a 1,673,902 50% 1,845,212 50% 8,680,277 85% 9,137,792
(unencumbered)
Not free from all claims
3.2.2 - - - - -
(encumbered)
The remaining asset
3.2.2.1 binding period is <6 - n,a - 50% - 50% - 85% -
months
The remaining asset
3.2.2.2 binding period is ≥ 6 - n,a - 50% - 50% - 85% -
months - < 1 year
The remaining asset
3.2.2.3 - n,a - 100% - 100% - 100% -
binding period is ≥ 1 year
An asset that has an
4 interdependent liability
pair
5 Other assets 109,059,126
Physical commodities
5.1 85% -
traded, including gold
Cash, securities and other
assets recorded as initial
margin for derivative Max Max Max
(85% (85% (85%
contracts and cash or
5.2 - ,faktor - ,faktor - ,faktor -
other assets submitted RSF RSF RSF
as default funds to the aset ) aset ) aset )
central counterparty
(CCP)
5.3 NSFR derivative assets 3,211,527 100% - 100% - 100% 3,211,527
20% derivative liabilities
5.4 before deducting variation 488,709 100% - 100% - 100% 488,709
margin
PT Bank Rakyat Indonesia (Persero) Tbk.
360 2023 Annual Report
Page 363
Management Discussion and Analysis
on Bank Performance
Carrying Value Based on Remaining Time Period
(in IDR million)
Total Weighted
ASF Component No Time Period < 6 months 6 months - < 1 year ≥ 1 year Value
Carrying ASF Carrying ASF Carrying ASF Carrying ASF
Value Factor Value Factor Value Factor Value Factor
5.5 Trade date receivables - 0% - 0% - 0% - 0% -
Loans with Substandard,
5.6 Doubtful and Loss quality - 100% 3,122,433 100% 736,060 100% 5,245,523 100% 9,104,016
(Non-Performing Loans)
Shares not traded on an
5.7 - n,a - 100% - 100% 3,614,321 100% 3,614,321
exchange
5.8 Fixed assets - n,a - 100% - 100% 33,423,445 100% 33,423,445
5.9 Capital reduction factor - n,a - 100% - 100% 49,080,056 100% 49,080,056
5.1 Securities in default - n,a - 100% - 100% - 100% -
Mengikuti
RSF aset
Other assets not free from saat
5.11 - 100% -
all claims (encumbered) bebas dari
segala
klaim
Other assets not
5.12 included into the above 9,941,480 100% 195,571 100% - 100% - 100% 10,137,051
categories**)
Total assets 409,646,139 3,272,982 128,154,225 955,525,908 957,378,068
Administrative Account Transactions
Commitment obligations
in the form of loan
facilities and liquidity
6 facilities that are - 5% 87,905,384 5% 120,451,746 5% 10,417,856
irrevocable or can be
canceled with conditions
(conditionally revocable)
Loan facilities and
7 liquidity facilities - 0% - 0% - 0% -
unconditionally revocable
Liabilities originating
from trade finance
8 instruments (including 2,431,103 3% 223 3% - 3% 72,940
guarantees and letters of
credit (L/C))
Letters of credit (L/C) and
guarantees that are not
9 - 5% - 5% - 5% -
related to trade finance
obligations
Non-contractual
10 - 5% - 5% - 5% -
obligations
Total administrative
- - - 10,490,796
account transactions
Total RSF 967,868,864
Net Stable Funding Ratio
135.16%
(%)
**) Other liabilities not included in the above categories were liabilities to the government that had not been transferred, interest on matured term deposits, transfers, sold traveller’s
checks, unpaid interest expenses, unpaid dividends, estimated income taxes, deferred income, allowance for losses for operational risks, deferred accounts, income tax liabilities,
employee benefits liabilities, electronic money, negative goodwill, and estimated liabilities.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 361
Page 364
CONSOLIDATED ANALYSIS
Table of Consolidated Net Stable Funding Ratio (NSFR) Qualitative Analysis Table (in millions of Rupiah)
Ratio Component December 2023 September 2023
Available Stable Funding (ASF) 1,308,204,666 1,257,052,107
Net Stable Funding Ratio (NSFR)
Required Stable Funding (RSF) 967,868,864 945,294,879
NSFR 135.16% 132.98%
Consolidated Net Stable Funding Ratio (NSFR) position in December 2023, BRI Consolidated NSFR was recorded at 135.16%, an increase of 2.18%
compared to the position in September 2023 of 132.98%. This increase was caused by an increase in the Available Stable Funding (ASF) component of
IDR51.15 trillion or 4.07% and an increase in the Required Stable Funding (RSF) component of IDR22.57 trillion or 2.39%.
Liquidity Risk – Restricted Assets (Encumbrance)
Table of Restricted Asset Liquidity Risk (in full Rupiah)
a b c d
Assets that are stored or
contracted with the Central Unencumbered
Encumbered Assets Total
Bank but not used to generate assets
liquidity
Assets in the statement of financial
position can be presented in detail as 10,620,502,011,914 366,501,006,698,010 30,858,125,237,476 407,979,633,947,400
needed
QUALITATIVE ANALYSIS
In accordance with SEOJK Number 9/SEOJK.03/2020 concerning Transparency and Publication of Conventional Commercial Bank Reports. In the table
above, data related to liquidity risk is presented which is divided into several criteria, namely restricted assets, assets stored or agreed with the Central
Bank but not yet used for liquidity and non-restricted assets. These assets are liquid assets that are used for liquidity needs.
Total assets that meet the qualifications in the table above as of December 31, 2023 are IDR407.98 trillion. Based on the distribution, the total value of
the assets consisted of:
- Restricted assets amounted to IDR10.62 trillion or 2.60% of total assets.
- Assets stored or agreed with the Central Bank but not yet used to generate liquidity amounted to IDR366.50 trillion or 89.83% of total assets.
- Unrestricted assets amounted to IDR30.86 trillion or 7.56% of total assets.
Liquidity Risk – Liquidity Risk Management
Liquidity risk management is described as follows: d. The liquidity risk management strategy is in line
1. Risk Governance with the level of risk to be taken and risk tolerance in
a. BRI manages liquidity risk so that it can fulfill all accordance with RBB 2023 - 2025, that BRI manages
agreed financial obligations in a timely manner, and liquidity risk so that it can fulfill every financial
can maintain adequate and optimal levels of liquidity. obligation that has been determined in a timely
b. The formulation of the level of risk to be taken (risk manner and can maintain adequate and optimal levels
appetite) and risk tolerance (risk tolerance) related of liquidity.
to liquidity risk has been carried out in line with the e. In managing liquidity risk, the Treasury Business
bank’s overall strategic and business targets. Division is responsible for managing national liquidity,
c. BRI periodically reviews the risk appetite statement while the Market, Portfolio and Enterprise Risk Division
and risk limit parameters for corporate level (bank is responsible for compiling and reviewing liquidity risk
wide) as stipulated in the Circular Letter concerning management policies.
Risk-Based Bank Soundness Assessment of PT Bank
Rakyat Indonesia (Persero), Tbk.
PT Bank Rakyat Indonesia (Persero) Tbk.
362 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
2. Funding Strategy ratio) to monitor compliance with established limits.
a. Funding Diversification Monitoring results and liquidity risk are presented in
Carried out by taking into account the characteristics the form of periodic reports (liquidity risk dashboard)
of the source and term of funding as well as the Bank’s which are submitted to BRI’s Board of Directors and
Business Plan, taking into account the counterparty, Board of Commissioners. Regarding monitoring
conditions for the existence of collateral, type results that show indications that liquidity risk has the
of instrument, type of currency, as well as the potential to increase, recommendations are made for
geographical location of the funding source market. mitigating liquidity risk exposure as well as decisions
b. Stabilization of Fund Growth on follow-up actions to control it.
This is maintaining the stability of Third Party Funds d. A liquidity risk profile dashboard is prepared periodically
so that the growth trend is positive, including through or can be adjusted to suit business strategy needs. The
pricing strategies, issuing and/or developing savings information system technology used to provide the
products, increasing quality marketing that supports latest and timely information regarding liquidity at
the stability of fund growth, as well as reviewing BRI is BI-RTGS, BRINets, BRISIM, Treasury and Market
product development and marketing policies. Risk System, SKNBI, Swift, LHBU and LBBU Portals, as
c. Evaluation and Analysis of Funding Strategy well as other applications developed for monitoring
This activity is carried out periodically at ALCO BRI assets and liabilities.
meetings/other related meetings by paying attention
to changes in internal and external factors. Treasury 4. Contingency Funding Plan
Business Division, Asset and Liabilities Management a. Contingency funding plan (emergency funding plan) is
Desk together with related divisions identify, monitor a plan and strategy for dealing with crisis conditions
and evaluate the main factors that influence BRI’s that impact liquidity to ensure BRI’s ability to obtain
ability to obtain funding, including alternative sources the required funding sources in a timely manner and at
of funds that can strengthen capacity to survive crisis a reasonable cost.
conditions. b. The contingency funding plan has been regulated and
d. Maintain Market Access adjusted in Decree Number PP. 11-DIR/MPE/12/2020
Maintaining rupiah and foreign exchange market Chapter 9 which regulates the Objectives, General
access includes: expanding the market for asset sales Provisions, Methodology and Authority and
or increasing the number of standby facilities with/ Responsibilities for implementing the Contingency
without collateral, actively transacting in the market Funding Plan. CFP Trials are carried out regularly at
in line with funding strategies, and maintaining good least once a year and are coordinated by the ALM Desk
relationships with fund providers so that funding as ALCO Secretary.
sources can be properly diversified. c. Testing of emergency funding plans is carried out
using a walk on paper based method, where all work
3. Risk Management Process units related to emergency funding (Liquidity Crisis
a. Liquidity risk identification activities are carried out by Management Team) gather to run test scenarios
each operational work unit by identifying liquidity risks on paper without carrying out transactions on the
originating from banking products and activities that financial market.
can affect the source and use of funds, both in asset d. The Market, Portfolio and Enterprise Risk Division
and liability positions and administrative accounts as monitors the parameters in the Contingency Funding
well as other risks that can increase Liquidity Risk (for Plan which are contained in the daily liquidity
example credit risk, market risk and operational risk), dashboard.
both for current and future risk exposures.
b. Liquidity risk is measured, among other things, 5. Stress Testing Liquidity Risk
periodically using cash flow projections, maturity a. Stress testing is carried out to measure BRI’s ability
profiles, liquidity ratios and liquidity stress testing. and resilience to meet liquidity needs in crisis
c. Monitoring and controlling risk measurement results is conditions (stress conditions).
carried out by the Treasury Business Division (example: b. Liquidity risk stress testing is carried out in accordance
GWM monitoring, quarterly evaluation of national with BRI’s internal policies and needs and/or regulator
cash ratio achievement, LHBU and LBBU reporting) requests. Stress Testing is also reported periodically to
and the Market, Portfolio and Enterprise Risk Division the Board of Directors through the Risk Management
(example: liquidity coverage ratio, net stable funding Committee (RMC).
PT Bank Rakyat Indonesia (Persero) Tbk.
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c. The implementation of stress testing is carried out 7. Maturity Profile
using stress test scenarios which are developed by a. The potential liquidity risk that BRI will face in the future
considering business aspects and the level of risk is measured through liquidity gap analysis, which is a
managed by BRI. projection of excess and shortage of liquidity based
d. The stress test results show the implications of on the maturity of assets and liabilities, after taking
each scenario used to show BRI’s liquidity resilience, into account the need for business expansion. This
including those expressed as the number of days information is taken into consideration in planning
(liquidity surviving days). and managing liquidity, including business expansion
needs. By implementing effective liquidity management,
6. Funding Concentration it is hoped that BRI can minimize liquidity risk while
a. BRI sets a limit on the ratio of the 50 largest depositors increasing the stability of the banking system as a whole.
to third party funds with a limit of >21.95% - 23.28% b. BRI sets a maturity profile limit of < 1 year (assets
on a moderate risk profile, > 24.61% on a high risk due < 1 year/ liabilities due < 1 year) with a limit of >
profile. 88.60% - 76.00% in the moderate to high risk profile
b. BRI sets the Rupiah Loan to Deposit Ratio (LDR) and < 63.40% in the risk profile high.
parameter limit with a limit of 94.32% - 97.22% on c. Maturity profile is reported regularly by bucket division
a moderate risk profile and >98.67% on a high risk - ≤ 1 week
profile. - >1 - 2 week
c. BRI sets the parameter limit for the Macroprudential - >2 week - 1 month
Intermediation Ratio (RIM) with a limit of 85.99% - - >1 - 3 month
88.54% for a moderate risk profile and >91.09% for a - >3 - 6 month
high risk profile. - >6 - 12 month
- >12 month
Operational Risk
QUALITATIVE ANALYSIS
1 The preparation of BRI’s operational risk management framework refers to OJK Regulations Implementation of Commercial Bank Risk Management
No. 18/ POJK.03/2016 dated 16 March 2016 concerning Implementation of Commercial Bank Risk Management and best practices. In BRI’s
internal regulations, this framework is outlined in the Risk Management Policy which is regulated in Directors’ Decree No. KB.03-DIR/MPE/12/2020
dated December 28, 2020, regulates the principles of the Bank’s risk management policy. Specifically for operational risk management, the Bank
has prepared Implementation Guidelines for the Implementation of Operational Risk Management referring to the BRI Risk Management Policy as
regulated in Circular Letter No. SE.58-DIR/ORD/11/2022 dated November 22, 2022 with coverage:
- Operational risk management framework.
- Business continuity management.
- Occupational Safety and Health Management System.
- Anti-fraud strategy.
- Risk Management Function in Work Units.
Apart from that, the implementation of operational risk management is also regulated in the form of Circular Letters, Decree Letters, and other
Operational Standards and Procedures, including:
a. Circular No. SE.17-DIR/MOP/03/2020 concerning operational risk management tools.
c. Circular No. SE.04-DIR/CTR/01/2023 concerning Corporate Culture which includes Risk Culture.
d. Circular No. SE.40-DIR/PPM/11/2023 concerning Product Management which includes Product Risk Management.
e. Circular No. SE.66-DIR/MPE/12/2022 concerning Guidelines for Calculating Risk Weighted Assets (RWA) which includes Operational RWA
Calculations
f. Circular No. SE.50-DIR/MPE/12/2023 concerning Business Continuity Management which includes Business Continuity Management (BCM).
g. SOP No. SO.42-ORD/07/2022 concerning Regional Risk Management SOP.
2 The structure and organization of the management and control functions related to operational risk at BRI were formed by taking into account
developments in operational risk in banking and financial services institutions as well as the complexity of BRI’s business. In this regard, an
Operational Risk Management Work Unit was in managing operational risk at BRI. Operational Risk Management Work Unit was directly responsible
to the Director of Risk Management, and Operational Risk Management Work Unit consisted of the Digital Risk Division and Operational Risk
Division which were divisions of the DOR Division, with respective approvals:
1. The Digital Risk Division was formed in accordance with the Decree of the Board of Directors No. 628-DIR/PPM/10/2021 dated September 1,
2021.
2. The Operational Risk Division was formed in accordance with the Decree of the Directors No. 697-DIR/PPM/11/2021 dated November 15, 2021.
Along with the development of digital transactions and services and to anticipate increasing cyber threats, the Digital Risk Division has the task of
managing digital risks, including formulating policies, implementing risk management processes, and monitoring and evaluating digital risks and
their control throughout the Bank’s activities. The Operational Risk Division focuses on risk management in the operational sector which includes
developing and implementing an operational risk management framework, preparing policies and implementing Business Continuity Management
(BCM) and SMK3, and controlling fraud.
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Management Discussion and Analysis
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QUALITATIVE ANALYSIS
Implementation of operational risk management was strengthened by the establishment of a Regional Risk Management (RRM) Department
organization as part of the Operational Risk Division. The RRM Department has the main task of maintaining the portfolio and credit quality as well
as ensuring the implementation of operational risk management and compliance at the regional level. Taking this into account, the organizational
structure of the RRM Department consists of an RRM Head who supervises Risk Management and Compliance (RMC) and a Credit Risk Analyst
(CRA). Meanwhile, RMC which is located in the regional office supervises Branch Risk and Compliance (BRC) and BRI Unit Risk and Compliance
(URC) which is located in Branch Offices and BRI Units.
Apart from that, to strengthen the implementation of GCG and the implementation of POJK No.39/POJK.03/2019 dated December 19, 2019
concerning the Implementation of Anti-Fraud Strategies, in accordance with Directors’ Decree No. 697-DIR/PPM/11/2021 dated November 15,
2021, the Bank established a Fraud Risk Management and Recovery Desk which has the task of preparing anti-fraud strategy policies, ensuring
the implementation of anti-fraud strategies which include prevention, detection, investigation, reporting and sanctions, as well as monitoring,
evaluation and follow-up with the aim of preventing the risk of fraud incidents and carrying out recovery efforts for fraud losses.
The current organizational structure of the Operational Risk Division is as follows:
Operational Risk Divition
Division Head
Regional Risk Management
Fraud Management BCM & K3 Operational Risk Strategy
Department
& Recovery Disk Department Department
Regional Risk Management
Desk Head Department Head Department Head
Head
• Fraud Strategy & Analysis • BCM Policy, • Ops Risk Policy & Strategy
• Fraud Governance & SAF Implementation & • Ops Risk Analysis &
RMC CRA
terintegrasi Monitoring Culture, Implementation
• Fraud Detection & System • K3 Policy, Implementation • Ops Risk Support (RRM,
Support & Monitoring RMC & UKLN)
• Fraud Response & • Ops Risk Support System & BRC
Remediation Technology
• Fraud Investigation • Ops Risk CRA Support BRC Kanca
BRI Unit Risk & Compliance
In order to implement the three line model, the form of collaboration with the Internal Audit Unit (IAU) as the third line model has an important
meaning in implementing operational risk management. The Internal Audit Work Unit functions as an enabler tasked with providing assurance in
the implementation of risk management. Apart from that, IAU also contributes in providing support in the form of tools to make it easier for the
RRM Team to carry out control testing and fraud detection. Furthermore, SKMRO as the second line was also asked to provide data and information
sources in the form of risk maps to assist the IAU in carrying out risk-based audits.
3 Explanation of the measurement system for operational risk (covering systems and data used to calculate operational risk in order to estimate
the capital charge for operational risk). In connection with the Bank’s obligation to estimate capital charges for operational risk by calculating
Operational Risk RWA using the Standard Approach in accordance with SEOJK No.6/SEOJK.03/2020, BRI carried out measurement and calculation
of operational risk as a part of the operational risk management process, namely identification, measurement, control, and monitoring.
The operational risk management process was carried out in accordance with the governance set out in the operational risk management
framework and used tools in accordance with regulatory provisions and best practices. The process of measuring and calculating operational risk
was carried out through the following activities:
a. Penilaian Risk and Control Self Assessment (RCSA)
Risk and Control Self Assessment became a qualitative and predictive risk management tool used to identify and measure risk based on the
dimensions of impact and likelihood. RCSA in BRI was implemented at the BRI Head Office Division/Desk, regional offices, special branch
offices, Overseas Work Units, regional internal audit, regional campus, branch offices that also represented BRI Units, sub-branch offices and
BRI Prioritas service centers. Risk and Control Self Assessment was intended to assist work units in independently identifying and measuring
operational risk in every operational and business activity, including monitoring and determining corrective steps/follow-up future plans. Risk
issue and control updates on RCSA were carried out by considering BRI’s business developments which included the implementation of new
products and or activities, new market segments and business competition, changes in internal/external regulations, and other changes that
affected BRI’s risk exposure. The assessment was carried out by considering Incident Management/Loss Event Database data, Main Key Risks/
Key Risk Indicators (KRI) and Audit Reports (LHA). RCSA was carried out periodically every semester, and the frequency increased if there was a
significant change in risk exposure.
b. Penilaian Kecukupan Pengelolaan Risiko Produk Bank Baru (PBB)
The application of the risk management process for each New Bank Products issuance plan at BRI was carried out through the implementation
of New Bank Products Risk Self Assessment by the Product Owner and requesting an adequacy assessment of New Bank Products risk
management from the Risk Management Work Unit to then be recommended to the BRI Risk Management Director in order to obtain approval.
PT Bank Rakyat Indonesia (Persero) Tbk.
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QUALITATIVE ANALYSIS
c. Recording Operational Risk Losses in the Loss Event Database (LED)
LED BRI included the process of recording loss event data for each type of financial and non-financial loss which included actual loss, potential
loss including corrective measures and incident handling. Based on the loss event data on LEDs, an analysis of loss events could be performed
based on the cause, functional activity, event category (event type) and BRI’s business lines. This information system could be used to determine
preventive risk control measures based on documenting incident handling/settlement processes both from a non-financial perspective,
financial losses and loss recovery as well as litigation processes. In order to calculate the capital charge and Operational RWA, BRI used the
Basic Indicator Approach (BIA) method implemented since 2010 in accordance with regulatory provisions. However, BRI made preparations for
implementing the Standard Approach Minimum Operational Risk Capital Measurement (MMRO) guided by the Basel III Framework. Provisions
for Operational Risk RWA with a standard approach are regulated through Directors’ Circular Letter No. SE.66 DIR/MPE/12/2022 Book 2
concerning Operational RWA Calculations.
d. Key Risk Indicator Monitoring (KRI)
KRI was a Risk Management tool in the form of a quantitative indicator that could provide early information on increasing or decreasing risk
and or decreasing the effectiveness of controls against predetermined thresholds. KRI could be leading or lagging. Risk monitoring through
KRI aimed to determine follow-up plans related to risk control so as to prevent or minimize the impact of losses. BRI identified key risk
indicators for all types of risk and established risk limits that reflected BRI’s risk appetite and conditions. Identification of key risk indicators
and determination of KRI thresholds was carried out using best judgment by considering BRI’s risk exposure and risk appetite. The threshold
determination involved internal audit, risk owners and other related work units. BRI’s main risk indicators were reflected in the bankwide risk
profile report and regional office risk profile monitored regularly and reported to management every month.
e. Risk Assessment Plan (RAP)
RAP was a form of risk strategy preparation activity carried out by RRM with output in the form of a list of main risks, work unit priorities based
on risk and risk control activity plans.
f. Disaster Threat Risk Assessment
BRI implemented Disaster Threat Risk Assessment as an implementation of Business Continuity Management (BCM) to protect the security and
safety of employees’ lives, protect the lives of customers and other stakeholders within BRI’s operational work units (disaster management
plan), and maintain the continuity of business/operational activities. most importantly, safeguarding BRI’s assets and having an adequate
response in disruption/disaster situations (business continuity plan). Disaster Threat Risk Assessment aimed to identify the resources needed
in order to prepare for threats/disasters in each work unit. As one of the implementations of BCM, BRI already had guidelines for an Emergency
Response Plan (ER Plan) and a Business Continuity Plan (BC Plan) policy for Critical Work Units.
4 Operational risk management was reported regularly to management, work unit heads, and other interested parties as a monitoring tool. The ORD
Division submitted operational risk reports, both mandatory and for internal reporting purposes. The scope and form of operational risk management
reports included:
a. Bank Operational Risk Profile
The Bank’s operational risk profile was submitted to Regulators, Directors and Commissioners on a quarterly basis coordinated by the MPE Division. The
operational risk profile included risk parameters which became the focus of monitoring the Bank’s operational risk exposure. The Bank’s operational
risk profile report was also submitted to the Risk Management Committee (RMC) and the Risk Management Oversight Committee
b. Regional Risk Profile
The regional risk profile contained parameters for 7 (seven) types of risk, one of which was operational risk. The preparation of the operational risk
profile was coordinated by RRM and submitted to the Regional Chief Executive Officer (RCEO) through the Governance, Risk and Compliance (GRC)
forum every month.
c. Operational Risk News (OPEN)
OPEN was submitted to the Director of Risk Management and other Directors on a monthly basis. The scope of OPEN included operational risk profile
reports, achievement of risk appetite statements (RAS), incidents of human error and fraud incidents, as well as improvements to implemented
controls, risk management forum activities, BCM and OHS activities, regional risk management activities, risk assessment of Bank products New (UN),
RRM SMART, and external event information.
d. BRC/URC risk analysis report
The BRC/URC risk analysis report contained a list of control weaknesses that occured in the Work Unit according to the results of the verification
conducted by the BRC/URC. This report was submitted by BRC/URC to Work Unit Leaders held at the Work Unit MR Forum every month.
5 The risk mitigation process became part of the risk management process, namely risk control. Risk control was carried out in order to prevent risk
events and minimize the impact of risks. Risk mitigation measures were adjusted according to the results of an analysis of the causes of events or
potential risks. In accordance with this, risk mitigation was generally grouped into 3 (three) subs, namely:
a. People
Mitigation of the people aspect was carried out in terms of quantity and quality, including:
• Determine and review the need for employee formation to carry out business processes in work units.
• Establish requirements, mechanisms, and background checks in the employee recruitment process.
• Carry out the fulfillment of employee formation in the Work Unit.
• Improve worker capabilities, among others by:
- Education and training of workers in accordance with the position level.
- Review curriculum and educational methods.
- Provide certification for workers with certain specialists.
• Encouraging the implementation of risk culture through risk culture internalization programs, including:
- Culture Activation Program (CAP)
Each work unit has established a CAP to form the behavior needed to achieve KPIs prudently through the activities specified in the CAP.
- Building Risk Awareness of Workers in Work Units
Risk Management Work Unit routinely delivers risk awareness media in the form of letters, infographic media, webinars, podcasts,
e-learning, official Bank social media accounts and email/WA/SMS blasts.
- Empowering Risk Officer
The involvement of the Risk Officer as the Transformation Driving Team is required in internalizing and ensuring that the implementation
of risk culture is implemented. Thus, the RM function is strengthened through adjusting operational procedures and upgrading knowledge
and technical skills through education/socialization.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
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QUALITATIVE ANALYSIS
- Early Detection
The implementation of a risk culture needs to be supported by Early Warning System tools which can help mitigate or correct risk events
early.
- Business Process Review
Risk culture activities are reflected through the implementation of daily banking operational procedures. Hence, it is necessary to review
the adequacy of control over operational procedures.
b. Process
Risk mitigation in the process aspect, namely:
• Develop policies and standard operating procedures (SOP) for each product and activity of the Bank which includes business processes,
internal control, and the duties and responsibilities of workers as makers, checkers, signers. Each draft policy and SOP before being ratified
must obtain an assessment of the adequacy of risk management from the Risk Management Work Unit.
• Risk mitigation was also carried out by transferring risk to a third party, namely an insurance company that bore the Bank’s losses or to a
labor service provider which of course had taken into account the principles of bona fide and integrity of the service provider as regulated in
the Cooperation Agreement (PKS) in every cooperation with third parties.
c. Technology
In principle, digital risk control was closely related to the Bank’s efforts to secure its assets, including providing protection for customer data/
information. Digital risk management in IT management activities/IT services includes, but was not limited to:
• Development, updating and deletion of electronic/digital banking services.
• Development, updating, and deletion of IT infrastructure (computing, network, satellite) and security.
• Development, renewal and deletion of the Bank’s internal services.
• Procurement of IT service providers.
• IT service provider by the Bank.
• IT operational activities.
• Development and/or review of Fraud Detection System (FDS) rules.
Furthermore, to strengthen digital risk control, each application development was accompanied by the Digital Risk Division.
Calculation of Risk Weighted Assets (RWA) Operational Risk
In accordance with SEOJK No. 6/SEOJK.03/2020, Calculation of Operational Risk RWA using the Standard Approach as of January 2023
has been implemented. The following is a table for operational RWA calculations using the Standard Approach in accordance with the
provisions of the Otoritas Jasa Keuangan.
Table of Quantitative Disclosure of Operational Risk – Banks Individually
December 31, 2023 December 31, 2022
The Approach Internal Gross
No. Business Operational Minimum
Used Business Loss Operational Income Capital
Indicator Risk Loss Operational RWA
Indicators Multiplier Risk RWA (Average of Expenses
Components Components Risk Capital
Factor last 3 years)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Basic Indicator
1 74,092,568 10,663,885 3,219,807 0.74 7,921,723 99,021,545 111,935,663 16,790,349 209,879,369
Approach
Total 74,092,568 10,663,885 3,219,807 0.74 7,921,723 99,021,545 111,935,663 16,790,349 209,879,369
Information: (3), (4), (5), (7), (8), (9), (10), (11) in units (millions of Rupiah)
Table of Quantitative Disclosure of Operational Risk - Consolidated Bank
December 31, 2023 December 31, 2022
The Approach Internal Gross
No. Business Operational Minimum
Used Business Loss Operational Income Capital
Indicator Risk Loss Operational RWA
Indicators Multiplier Risk RWA (Average of Expenses
Components Components Risk Capital
Factor last 3 years)
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
Basic Indicator
1 81,866,229 11,829,934 5,433,202 0.81 9,618,943 120,236,798 114,600,256 17,190,038 214,875,481
Approach
Total 81,866,229 11,829,934 5,433,202 0.81 9,618,943 120,236,798 114,600,256 17,190,038 214,875,481
Information: (3), (4), (5), (7), (8), (9), (10), (11) in units (millions of Rupiah)
PT Bank Rakyat Indonesia (Persero) Tbk.
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Material Bonds Related to Capital Goods Investment
Throughout 2023, BRI entered into material commitments with a number of parties for capital goods investment in 2023 which is
described as follows:
Table of Capital Goods Investment Material Bonds (in IDR million)
2023 2022
Object
Procurement Value Procurement Value
Procurement of Managed Service CRM RBB 999,926 776,637
Communication Channel Rental 1,217,890 416,940
Procurement of IBM AS/400 Power10 Machines for DC GTI Ragunan and ODC Sentul 125,000 352,948
Objective of the Bonds The general principle of procurement of goods within the company
must refer to the guides of efficient, effective, competitive,
The investment budget uses a Work Order (SPK) and a Letter of transparent, fair and reasonable, accountability, standardization
Agreement (PKS) in the capital goods procurement engagement of goods, centralization, and decentralization. These have been
following the procurement value and the procurement period. determined in the Company’s Budget Work Plan (RKAP).
The purpose of the arrangement is to provide a detailed
description of the implementation of the procurement work Source of Funds
to the provider of the goods, which is binding and contains the
terms and conditions that the parties must meet. The source of funds uses the budget within the BRI Company
that has been allocated (breakdown) following the budget items
To speed up the process of procuring goods primarily by using specified in the Company’s Work Budget Plan (RKAP).
the direct purchase method and self-management following best
practice without requiring an SPK, the procurement committee Denominated Currency and Planned Steps to
only needs to issue a Purchase Order (PO) or a letter of request Hedge Risk from Foreign Currency Positions
for a quotation, or it is sufficient to prove it with a purchase
receipt/ purchase receipt. All procurement uses rupiah currency, and it is required that all
procurements, agreed in foreign currencies, will be adjusted in
SPK and PKS to use rupiah currency. Thus, BRI will not hedge due
to changes in foreign exchange rates.
Capital Goods Investment
Types and Value of Capital Goods Investment
Types and investments of capital goods are presented in the following table.
Table of Types and Value of Capital Goods Investment (in IDR million)
Types 2023 Value 2022 Value
Land and Building 94,746 82,810
Furniture and Inventory 14,667 75,434
Vehicle 718,871 661,002
Computer and Software 3,119,745 1,411,622
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Management Discussion and Analysis
on Bank Performance
Objective of Capital Goods Investment
Procurement of Goods in addition to supporting the Company’s long as the quality, price, and purpose are accountable and take
operations, other purposes are to encourage the growth of the into account the arm’length principle.
domestic industry, users of goods can give preference to the use
of domestic production while observing the provisions of the
applicable laws and regulations. Commitments and Contingencies
Users of goods and/or services prioritize the synergy between Assessment of commitments and contingencies transactions that
SOEs, SOE Subsidiaries, BRI Subsidiaries, and/or Subsidiaries of have credit risk individually using objective evidence, except for
entities established by BRI for the goods and/or services are the commitments and contingencies belonging to BRIS (a subsidiary
result of the production of SOEs, SOE Subsidiaries, Subsidiaries. based on sharia principles), is carried out using Bank Indonesia
BRI and/or Subsidiaries of the relevant BRI institutions, and as collectibility guidelines.
Table of Commitment and Contingency (in IDR million)
Description 2023 2022
COMMITMENT
Commitment Bill
Spot Purchases and Foreign Currency 24,948,222 15,046,421
Commitment Liability
Loan Facilities Provided to Unused Debtors 128,590,416 86,290,063
Spot Sales and Foreign Currency 63,924,016 69,751,674
Irrevocable L/C Ongoing fo Import 11,447,230 13,658,668
Commitment - Net (179,013,440) (154,653,984)
CONTIGENCIES
Contigent Liability
Warranty Issued in the Form
Bank Guarantee 56,219,970 62,487,277
Standby L/C 9,672,955 12,367,721
Contigencies - Net (65,892,925) (74,854,998)
Significant Agreement
The description of BRI’s significant agreements in 2023 is
presented as follows:
1. On June 5 2023, BRI entered into an agreement with PT 4. On April 13 2023, BRI entered into an agreement with PT
Bringin Inti Teknologi regarding the 2023 CRM procurement Info Solusindo Data Utama regarding the procurement of
for Zone 1, Zone 2 and Zone 3 for a period of 60 (sixty) additional Backup Solution Workload Capacity for 2022 –
months with a contract value of IDR999,926 million. 2023 DC Ragunan and DC Tabanan for a period of 22 (twenty
2. On May 26 2023, BRI entered into an agreement with PT two) weeks with a contract value of IDR146,398 million.
Telekomunikasi Selular regarding the procurement of 32,214 5. On July 13 2023, BRI entered into an agreement with PT
Brispot Kaunit and Mantri HP units for a period of 24 (twenty Bringin Inti Teknologi regarding the procurement of IBM
four) months with a contract value of IDR409,762 million. AS/400 Power10 E1080 DC Machines in Tabanan for a period
3. On August 22 2023, BRI entered into an agreement with of 36 (thirty six) months with a contract value of IDR125,000
PT Pacificagung Trijaya regarding the procurement of Self million.
Service Banking Terminal (SSBT) machines for a period of 60
(sixty) months with a contract value of IDR177,286 million.
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Material Information and Facts After the Accountant’s Report Date
Until the end of the Annual Report, there is no description of important events after the date of the accountant’s report, including their
impact on future business performance and risks.
Details of Problems Arising During the Fiscal Year Which Affected the Business Activities of
SOEs
In 2023, there are no details of significant problems that arose during the financial year that affected BRI’s business activities.
Business Prospects and Future Strategies
The international institution, the International Monetary Fund (IMF), projects that the global economy will slow down in 2024, deaccelerating the
economies of developed and developing countries.
Global Economic Growth Projection Chart by the International Monetary Fund
8.0
6.3
6.0
3.5
4.0 3.0
2.8 3.1
2.0 2.9 2.9
0.0
(2.0)
(2.8)
(4.0)
2019 2020 2021 2022 2023F 2024F
Aktual WEO IMF January - 2023 WEO IMF October - 2023
Source: International Monetary Fund (IMF), October 2023
The economies of developed countries, including the United pressure on the performance of financial markets and the global
States and Europe, were projected to slow down due to a decline real sector, especially developing countries.
in manufacturing activity and consumption. Meanwhile, China’s
economy is relatively slow due to weak momentum in domestic Global economic dynamics were predicted to also have an impact
consumption and the manufacturing industry, as well as in particular on the Indonesian economy. In 2024, it is predicted that the
the ongoing crisis in the property sector. This slowdown was driven Indonesian will grow, although at a relatively slow rate (4.81%-
by a decline in supply and demand side performance where industrial 5.10%). Global economic uncertainty and high geopolitical
activity and global consumption slowed down overall. tensions are predicted to cause the outlook for Indonesian trade
activity and foreign capital flows to be relatively limited and
Moreover, there were several risk factors (downside risk) predicted volatile. As a result, the stability of the Rupiah exchange rate
to contribute to the global economic slowdown, including the will remain relatively fragile and encourage Bank Indonesia to
trend of global inflation which was high even though it is in a maintain the BI 7 days reverse repo (BI 7DRR) benchmark interest
slowing trend which caused monetary policy to remain relatively rate at a relatively high level.
tight. Apart from that, high geopolitical volatility has put
PT Bank Rakyat Indonesia (Persero) Tbk.
370 2023 Annual Report
Page 373
Management Discussion and Analysis
on Bank Performance
The uncertain global and domestic economic prospects also affects 2. Diversify sources of growth
the banking industry. Volatility of global financial markets and Encouraging stronger revenue generation through
fluctuations in the Rupiah exchange rate can have an impact on the strengthening the capabilities of the Retail segment
value of domestic financial assets and the quality of banking loans. (Consumer, SME), focusing on integrating the UMI holding, as
Meanwhile, the slowdown in global demand and the slowdown in the well as strengthening the business of Subsidiaries as a source
domestic economy lead to a slowdown in banking loans growth. In of consolidated growth.
2024, it is predicted that loans growth will be in the range of 7.2%- 3. Reliability of operational support
8.6% yoy, a decrease compared to 2023 of 10.4%. Meanwhile, Focus on strengthening Human Capital competencies and
banking deposits are projected to grow by 6.2%-7.0% yoy in 2024, a digital capabilities, improving customer experience, risk
slight increase compared to 2023 of 3.8% yoy. management and data analytics, as well as operational
excellence.
The challenging macroeconomic situation combined with 4. Implementation of ESG principles
increasingly tight competition in the banking industry means Committed to managing business in line with the principles
that BRI needs to respond with the right strategy to continue to of good business governance in order to provide positive
increase BRI’s market share in the future. Internally, BRI faces value for the environment (deliver value beyond profit).
performance optimization challenges related to the Company’s
capabilities in accelerating retail and consumer businesses, These strategic responses encourage BRI to continue to grow
Subsidiary Entity businesses, as well as controlling costs. BRI’s sustainably to realize BRI’s vision as “Most Valuable Banking
performance in general is supported by credit activities, so the Group in South East Asia & Champion of Financial Inclusion”.
ability to generate non-interest income needs to continue to be
improved. Thus, strategic focus can run well and BRI can take advantage of
its strengths and opportunities, such as:
BRI’s innovation and exploration of new sources of growth 1. The largest and most widespread BRI network.
have implications for the Company’s increasingly complex 2. BRI’s capabilities in micro business.
business. Internal dynamics and the business environment 3. Complete financial products and services as well as strong
require BRI to be agile in responding to challenges so as to be brand positioning in Indonesia.
careful in optimizing business opportunities both now and in 4. A large customer base which was added to by the formation
the future. Thus, oriented towards the company’s long-term of Ultra Micro Holding as one of BRI’s new sources of growth.
aspirations, 2024-2026 for BRI will be a period of amplifying 5. Bank with strong capital
market control towards achieving BRI’s long-term aspirations 6. Digitalization of loan processing
in 2025 by: 7. First mover Environmental, Social and Corporate Governance.
1. Improving business fundamentals and enablers, 8. Technological developments, digital trends, and revolutions
2. Expanding business scope (scope up) through development in lifestyle and people’s behavior.
of supporting businesses (beyond banking), 9. The number of MSMEs that have not received formal financial
3. Increasing the scale (scale up) of new growth engine services is large.
businesses, as well as 10. Increase in the number of active internet and social media
4. Cohesive synergy between intra Group entities as an enabler users.
of solid sustainable growth.
Based on these things, BRI has determined that business
development will focus on:
1. More productive management of Assets and Liabilities
Continuing stable and sustainable CASA accumulation,
selective expansion in assets with high yields, as well as
improving asset quality in the Micro and Small segments.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 371
Page 374
Achievement of Targets and Future Targets
Target Achievement 2023
Comparison of Target and Financial Realization
Comparison of targets and financial realization can be described as follows:
Table Comparison of Financial Financial Targets and Realizations (Banks Only, in IDR billion)
December 2023
Description
Target Realization Achievement
Asset 1,784,070 1,835,249 102.87%
Interest Income 145,906 146,918 100.69%
Loan granted 1,148,723 1,146,083 99.77%
Third-party funds 1,340,304 1,352,683 100.92%
Net Profit 52,209 53,153 101.81%
Operating Cost Operating Income 65.62% 64.35% 101.97%
Capital Adequacy Ratio (CAR) 24.74% 25.23% 102.04%
Credit Cost Nett 1.02% 0.89% 114.07%
Cost to Income Ratio (CIR) 40.40% 37.74% 107.06%
In 2023 BRI achieve net income of IDR53.15 trillion, achieving Throughout 2023 BRI was able to collect TPF and exceed the
the set target, with an achievement of 101.81% of RKA. This target of 100.92%, this condition has not been offset by the
condition is supported by the optimization of BRI’s portfolio in achievement of credit provided by achieving 99.77% of the
the MSME segment. The achievement of net income is supported target, which has an impact on LDR performance not reaching
by BRI’s ability to manage asset quality which has reached targets the target. However, BRI was able to record strong micro segment
and the ability to maintain BOPO and CIR ratios, reflected in the growth (double digits) and has achieved its target. Apart from
achievement of targets of 101.97% and 107.06% respectively. that, in the medium segment, BRI was also able to grow to
The asset target was achieved at 102.87%, along with achieving achieve targets in line with the Company’s commitment to grow
the CAR target of 101.98%. BRI’s strategic focus on managing in the MSME segment.
asset quality and operational cost efficiency has succeeded in
supporting BRI’s profitability growth.
Comparison of Target and Capital Structure Realization
As of December 31 2023, BRI was able to maintain its capital 2023 target of 23.62%. Tier 1 and CET 1 were also maintained
structure according to the target and minimum level set by the above the minimum regulatory requirements of 6.0% and 4.5%
regulator. BRI’s total Minimum Capital Requirement or Capital respectively with the following details:
Adequacy Ratio (CAR) was 25.23%, reaching 101.98% of the 2023
target of 24.74%. Furthermore, the Core Complementary Capital
Ratio (CET 1) was recorded at 24.06%, reaching 101.86% of the
PT Bank Rakyat Indonesia (Persero) Tbk.
372 2023 Annual Report
Page 375
Management Discussion and Analysis
on Bank Performance
Table Comparison of Target and Realized Capital Structure (in IDR million)
2023
Description
Target Realization Achievement
Core Capital (Tier 1) 233,401,082 238,956,599 102.38%
Main Core Capital (CET 1) 233,401,082 238,956,599 102.38%
Additional Capital (Tier 2) 11,067,788 11,612,168 104.92%
Total Capital Available 244,468,870 250,568,767 102.50%
RWA for Credit Risk after taking into account specific risks 883,428,892 890,512,335 100.80%
RWA for Market Risk 5,533,149 3,617,404 65.38%
RWA for Operational Risk 99,021,545 99,021,545 100.00%
Total RWA 987,983,586 993,151,284 100.52%
CAR Ratio 24.74% 25.23% 101.98%
CET Ratio 1 23.62% 24.06% 101.86%
Tier 1 Ratio 23.62% 24.06% 101.86%
Tier 2 Ratio 1.12% 1.17% 104.46%
Comparison of Marketing Target and d. X’sis Corner : It is a forum/community corner that provides an
Realization opportunity for a community to express itself.
The aim is to open opportunities for BRI’s micro
SIMPEDES FOLK PARTY PROGRAM (PRS) 2023 business segment to enter the community
The 2023 Simpedes People’s Festival series is an acquisition and ecosystem.
retention program for Simpedes savings customers which focuses e. Caring : The Caring Pillar is realized through free health
on sharing insights, tips and education for Micro, Small and checks, blood donations and other charity
Medium Enterprises (MSMEs) to develop their businesses through activities.
workshops, interactive quizzes, MSME BRILiaN Check, and talk f. Harvest : Ceremonial presentation of prizes to the winners
shows. This program is carried out at 20 points in throughout of the Simpedes Prize Harvest Program which
Indonesia with more than 1,325 participants in the MSME bazaar. was previously drawn. BRI shares game prizes
The success of the Simpedes People’s Party program can be seen and door prizes during the PRS event.
from the increase in savings balances of IDR 3.4 trillion with the
number of new accounts opened at 167,579 accounts and the BRIMO FSTVL PROGRAM
addition of 119 thousand new BRImo users and the addition of BRImo FSTVL is a loyalty program for loyal BRIMO customers
75 thousand new QRIS users. given in the form of transaction cashback, redeeming points into
shopping vouchers and lottery coupons, in which points come
The Simpedes Folk Party carries (PRS) 6 pillars, namely: from acquisition, retention and loyalty points for every banking
a. Market : This is an MSME Bazaar that provides MSMEs activity carried out by customers. During the BRImo FSTVL
with opportunities to develop their business program period, it succeeded in increasing the volume of savings
and improve the transaction ecosystem in the balances from IDR 508.7 trillion (7/23) to IDR 526 trillion (12/23)
Micro business segment. and the growth of BRImo users from 28.35 million users (7/23) to
b. Stage : This is entertainment and educational content 31.62 million users 12/23).
in the PRS event which is packaged in a music
and knowledge stage with an edutainment BRIPOIN
concept. Apart from the BritAma Festival Program, there is the BRIPoin
c. Parade : This is a series of PRS activities in the form program, a program to encourage customers to increase their
of an Internal Parade, namely market raids/ balances and customer savings transactions using cards or
Other business centers in the 1 week period BRIMo. The more customers use BRI savings in transactions, the
before the PRS events are held, while the more points they can collect which can then be exchanged for
External Pawal is a community display and various prizes that can be chosen according to the customer’s
BRI-assisted cluster which is paraded on the needs. (Vouchers, Ewallet, Credit, Miles etc.)
main street of PRS City.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 373
Page 376
Table of Comparison of Marketing Targets and Realizations (in IDR million)
2023
Description
Target Realization Achievement
Third Party Funds: Savings 587,879 526,515 89.56%
Britama 236,673 198,416 83.84%
Simpedes 343,139 319,192 93.02%
Others 8,068 8,907 110.40%
Fee Based Income 20,962 20,292 96.80%
Comparison of Targets and Realization of HR Development
In 2023, the target has been achieved well by making employee on). In total, the achievement of the HR development target
competency development a top priority for the Company exceeded the target with a realization of 110.15% of the
through various programs, including education, training and target. Achievement of human resource development through
certification which can be carried out offline or online through development education reached 217.19%, far exceeding the set
the digital learning platform (BRISMART) and other external target. Meanwhile, education enhancement exceeded the target
learning platforms others (Linkedin Learning, Coursera, and so with a realization of 108.44% of the target.
Table of Comparison HR Development Targets and Realizations (in IDR million)
2023
Description
Target Realization Achievement (%)
Development * 1,600 3,475 217.19%
Enhancement** 100,000 108,438 108.44%
Total 101,600 111,913 110.15%
Information:
* BRILiaN Future Leader Program (BFLP), BRILiaN Next Leader Program (BNLP). BRILiaN Leadership Development Program (BLDP), and BRILiaN Banking Officer Program (BBOP).
** Enhancement education includes, BRILiaN Specialist Development Program (BSDP) 0, BSDP (1,2,3), Public Course, Certification, BRILiaN Leader Retirement Program (BLRP),
BRILiaN Bright Scholarship Program (BBSP), BRILiaN Improvement Forum (BIF), and Socialization.
Targets in the Future
BRI management has prepared the Bank’s Business Plan for 2024-2026 taking into account the current economic conditions and
economic projections in 2024, both from a macro and micro perspective.
Table of Assumptions in Compiling Projections
No. Assumption 2024
MACRO ASSUMPTIONS
1. GDP Growth (%) 5.03
2. Inflation (%) 3.27
3. IDR/USD Rates 15,031
4. BI 7 Days Rate 5.25
PT Bank Rakyat Indonesia (Persero) Tbk.
374 2023 Annual Report
Page 377
Management Discussion and Analysis
on Bank Performance
No. Assumption 2024
MICRO ASSUMPTIONS
1. National Loan Growth (%) 7.86
2. National Savings Growth (%) 6.59
Source: BRI Economist Team
Financial Projections
BRI’s future asset growth will continue to be driven by loan Net Interest Margin (NIM). However, BRI is optimistic that
growth in the MSME segment. The SME and Consumer segments BRI’s profitability will continue to grow, which comes from
are encouraged to become growth engines outside the Micro strengthening the growth of loans that provide high yields,
segment in line with BRI’s 2024 focus on strengthening capacity increasing CASA, maximizing operational income such as FBI
in the retail banking segment in order to build a retail ecosystem. and Recovery, and efficiency in OHC supported by reducing
Non-loan assets are projected to grow lower as a result of the provision costs in line with improving asset quality. From
growing role of the loan business, especially MSMEs, which will several financial ratios, the quality of gross NPL in 2024 is
increase, including optimizing portfolios to maximize profits. directed to be better in line with efforts to improve asset
On the liabilities side, deposit growth continues to increase, quality and economic recovery. CoF has increased to provide
with the main driver being savings growth which focuses on room for interest rate increases that will continue until 2024
increasing CASA. and NIM will be maintained at the same level by focusing credit
distribution on High Yield products. Yield is optimized in line
BRI’s profitability in 2024 will come under pressure from with the increase in BI7DRR.
an increase in the Cost of Funds (CoF) and a decrease in the
Table of Financial Projection (Consolidated)
Description 2024 Projection
Loan Growth (year or year) 11% - 12%
Net Interest Margin (NIM) 7.9% - 8.0%
Credit Cost (CoC) 2.2% - 2.3%
Non Perfoming Loan (NPL) Gross 2.7% - 2.9%
Cost - to - Income Ratio (CIR) 41% - 42%
Capital Structure Projection
Capital Adequacy Ratio (KPMM) in December 2024 is projected taken into account the reclassification of objective reserves
to be IDR251.10 trillion, with the Minimum Capital Adequacy and asset revaluation plans and the impact of PSAK 71. The
Ratio (CAR) always maintained above the minimum provisions description of BRI’s capital projection and Capital Adequacy
of banking and financial services regulators. This projection has Ratio (KPMM) fulfillment is briefly as follows:
Table of BRI Capital Projection (Bank Only)
Description 2024 Projection
Capital Adequacy Ratio (CAR) 22%-23%
To maintain a fixed capital ratio in accordance with the provisions of the Regulator, BRI strives to fulfill it from retained earnings and
optimal management of dividend payout ratio.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 375
Page 378
Dividend Policy Projection
Historically, BRI’s normal DPO has been in the range of 50% - In the future, dividend payments will be made while considering
60%. In the future, BRI can distribute dividends on the Company’s factors such as projected sustainable business growth, meeting
profits with a DPO higher or lower than the normal dividend level the minimum capital adequacy ratio and optimal levels of return
but still paying attention to several factors such as future business for shareholders. Dividend payments are also made by taking into
growth projections, meeting the capital adequacy ratio and the account applicable provisions, including POJK 17/2023 concerning
sustainability factor of returns on equity in the next few years. the Implementation of Governance for Commercial Banks.
Apart from that, according to the provisions, dividends can also be
in the form of cash or non-cash.
Marketing Projections
The description of the marketing projections carried out by BRI in 2024 is presented in the following table:
Table of Marketing Projection
Product Description
BRImo E-Payment This is an instant digital online payment service for BRImo service users at collaborating online merchants.
This is a payment feature using a debit card using the contactless/tap method at merchants that can accept contactless
Contactless Debit Card
transactions.
Development of a digital marketing platform that provides information on BRI assets of problem debtors which will be sold
BRI Auction Info
at auction and non-auction.
Integrated Corporate Services that make it easier for wholesale and corporate segment customers to access BRI products and services on one
Solution Platform (QLola) platform.
The government segment of the Indonesian Credit Card is issued to work units (Ministries/State Institutions/Agencies) of
the central government and regional governments to make payments for expenditure charged to the state budget and/
or regional budget in accordance with Presidential Instruction No. 2 of 2022 related to Increasing the Use of Domestic
Indonesian Credit Card Products (PDN). With development details as follows:
- Phase 1: QRIS transaction features using Indonesian Credit Cards (August 2022)
- Phase 2: Indonesian Credit Card Physical Government Segment (September 2023)
- Phase 3: Online Features of Indonesian Credit Cards for Government Segment (2024)
Credit Card NFC
BRI Credit Cards can be integrated with e-wallets and can be used for transactions using the NFC method.
Tokenization
Digitalization of the Growth of new users by digitizing credit card business processes through digital onboarding channels on internal and/or
Credit Card Process external platforms to increase new user growth.
HR Development Projection
HR development projections in 2024 are as follows:
Table of HR Development Projection (in person)
Description 2024 Projection
Development 1,700
Enhancement 101,000
PT Bank Rakyat Indonesia (Persero) Tbk.
376 2023 Annual Report
Page 379
Management Discussion and Analysis
on Bank Performance
Evaluate Long Term Plans (RJP) BRI’s dividend distribution policy can be reviewed by the Board
of Directors without prejudice to the rights of the Company’s
In order to monitor the realization of the Long Term Plan, GMS to determine otherwise in accordance with the provisions
periodic evaluations and monitoring are carried out every year of the Company’s Articles of Association and applicable laws and
which are presented in Board of Directors forums/meetings. For regulations in the banking sector. The Company did not have
2023, a long-term plan evaluation was carried out on April 10, negative covenants regarding restrictions on third parties in the
2023 regarding the 2022 Corporate Plan Evaluation. The results distribution of dividends.
of this evaluation could be used in adjusting and formulating
BRI’s next strategy. Announcement and Payment of Dividend
Based on the Annual General Meeting of Shareholders (AGMS)
Policy, Announcements and Payment held on March 13, 2023, BRI has distributed dividends amounting
of Dividend to IDR43.49 trillion or 85% of the profit for the 2022 financial
year which is attributable to the owners of BRI’s parent entity for
Dividend Policy the 2021 financial year amounting to IDR51.17 trillion.
The dividend distribution policy has been regulated internally The total cash dividend per share was IDR288.22 and would
in SE.70.a–DIR/CMG/12/2022 Book 6 concerning Dividend be paid on April 12, 2023 to shareholders whose names were
Management. The policy regulates several principles related recorded in the Company’s shareholder register (recording date)
to dividends, including dividend management which aims to on March 27, 2023.
optimize capital and increase shareholder value, dividend
distribution which takes into account the Company’s historical The dividend payment for the 2022 financial year was made on April
performance as well as future business and economic potential, 12 2023, and was paid within 30 days from the announcement date
the amount of the dividend ratio which is determined based on on March 13 2023. Meanwhile, the financial performance for the 2023
the reasonableness of the profitability performance of business financial year will be decided at the 2024 AGMS.
activities and contributions to shareholders, the mechanism for
approving dividend distribution through the GMS and fulfilling
regulatory requirements, as well as technical provisions related
to dividend distribution in more detail.
Table of Dividend Announcement and Payment
Description 2022 Fiscal Year 2021 Fiscal Year 2020 Fiscal Year
Profit (IDR billion) 51,170.31 31,066.59 18,654.75
Cash Dividend (IDR billion) 43,494.76 26,406.60 12,125.00
Non-Cash Dividend*) - - -
Cash Dividend Per Share (IDR) 288.22 174.25 98.90
Non-Cash Dividend Per Share*) - - -
85% dari laba bersih 85% dari laba bersih tahun 65% dari laba bersih tahun
Dividend Pay Out Ratio (%)
tahun 2022 2021 2020
Announcement Date (AGMS) 13 Maret 2023 1 Maret 2022 25 Maret 2021
Cash Dividend Payment Date 12 April 2023 1 April 2022 28 April 2021
Non-Cash Dividend Payment Date*) - - -
*) BRI Bank did not have non-cash dividends
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 377
Page 380
Historically, the details of dividend payments for the fiscal year 2003-2022 are described as follows.
Table of History of Announcement and Payment of dividends
Dividend Dividend
Cum Dividend Dividends
Payout Per
Announcement (Reguler and Cum Dividend Recording Payment Paid
Description Ratio Share
Date Negotiation (Cash Market) Date date
Market)
(miliar Rp) (Rp) (Rp)
2022** Final March 13, 2023 March 21, 2023 March 27, 2023 March 27, 2023 April 12, 2023 85 43,494.76 231.22
2022 interim December 30, 2022 January 9, 2023 January 11, 2023 January 11, 2023 January 27, 2023 - 8,602.82 57.00
2021 Final March 1, 2022 March 10, 2022 March 14, 2022 March 14, 2022 April 1, 2022 85 26,406.60 174.25
2020 Final March 25, 2021 April 5, 2021 April 7, 2021 April 7, 2021 March 26, 2022 65 12,125.59 96.49
2019 Final February 18, 2020 February 26, 2020 February 28, 2020 February 28, 2020 March 18, 2020 60 20,623.56 164.10
2018 Final May 17, 2019 May 23, 2019 May 27, 2019 May 27, 2019 June 13, 2019 50 16,175.57 128.95
2017 Final March 26, 2018 March 29, 2018 April 4, 2018 April 4, 2018 April 25, 2018 45 13,048.44 104.14
2016 Final March 17, 2017 March 22, 2017 March 27, 2017 March 27, 2017 April 13, 2017 40 10,478.31 83.63
2015 Final March 24, 2016 March 31, 2016 April 5, 2016 April 5, 2016 April 22, 2016 30 7,619.32 60.81
2014 Final March 23, 2015 March 26, 2015 March 31, 2015 March 31, 2015 April 22, 2015 30 7,272.49 57.52
2013 Final March 27, 2014 April 28, 2014 May 2, 2014 May 2, 2014 May 14, 2014 30 6,348.05 50.21
2012 Final March 5, 2013 March 26, 2013 April 1, 2013 April 1, 2013 April 15, 2013 30 5,556.28 43.95
2011 Final April 2, 2012 April 26, 2012 May 1, 2012 May 1, 2012 May 15, 2012 20 3,016.59 23.86
2010 Final May 2, 2011 May 27, 2011 June 1, 2011 June 1, 2011 June 15, 2011 20 2,294.48 13.67
November 30, December 22, December 30,
2010 Interim December 19, 2010 December 22, 2010 - 566.53 4.48
2010 2010 2010
2009 Final May 24, 2010 June 28, 2010 July 1, 2010 July 1, 2010 July 15, 2010 30 2,192.49 12.89
December 16,
2009 Interim November 4, 2009 November 30, 2009 December 3, 2009 December 3, 2009 - 563.94 4.46
2009
2008 Final May 22, 2009 June 16, 2009 June 19, 2009 June 19, 2009 July 3, 2009 35 2,085.43 16.50
2007 Final May 28, 2008 June 18, 2008 June 23, 2008 June 23, 2008 July 7, 2008 50 2,419.00 19.15
2006 Final May 22, 2007 June 13, 2007 June 18, 2007 June 18, 2007 July 2, 2007 50 2,128.79 16.88
2005 Final June 2, 2006 June 21, 2006 June 26, 2006 June 26, 2006 July 10, 2006 50 1,904.29 15.24
2004 Final May 27, 2005 June 16, 2005 June 21, 2005 June 21, 2005 July 5, 2005 50 1,816.61 14.92
2003 Final June 1, 2004 July 6, 2004 July 9, 2004 July 9, 2004 July 23, 2004 75 990.47 8.21
*) All dividend figures have been adjusted to a stock split of 1:2 in January 2011, a stock split of 1:5 in October 2017 and a rights issue factor of 1:0.98 in September 2021.
**) The figures for the dividend payment ratio, have taken into account the interim dividend of IDR57 per share.
Realization of the Use of Public Offering Funds
In accordance with POJK Number 30/POJK.04/2015 concerning Report on the Realization of Use of Funds from Public Offerings, BRI has
reported the Realization of Use of Funds from Public Offerings as follows.
Public Offering of Sustainable Environmentally Friendly Bonds I Bank BRI Phase II 2023
The proceeds from the Public Offering of BRI Bank I Phase II Sustainable Environmentally Friendly Bonds 2023 have been used in full and
have been reported to the Otoritas Jasa Keuangan (OJK).
PT Bank Rakyat Indonesia (Persero) Tbk.
378 2023 Annual Report
Page 381
Management Discussion and Analysis
on Bank Performance
Table of Fund Use Realization Report Public Offering of Sustainable Environmentally Friendly Bonds I Bank BRI Phase II 2023
Remaining
Realization of Use of Funds
Realized Value of Planned Use of Funds According Funds from
According to Additional
Public Offering Results to Additional Information Public
Information
Offering
Effective
No. Description
date
Amount of
Loan Loan
Public Offering Cost Net Proceeds Total Total
Distribution Distribution (in IDR)
Proceeds (in IDR) (in IDR) (in IDR) (in IDR)
(in IDR) (in IDR)
(in IDR)
1 2 3 4 5 6 7 8 9 10 11
Public
1 Offering of 12/07/2022 6,000,000,000,000 8,230,275,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 -
Bonds
Total 6,000,000,000,000 8,230,275,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 5,991,769,725,000 -
Public Offering of Bank BRI IV Subordinated Bonds in 2023
The proceeds from the 2023 Bank BRI IV Subordinated Bonds Public Offering have been used in full and have been reported to the
Otoritas Jasa Keuangan (OJK).
Table of Fund Use Realization Report Public Offering of BRI Bank IV Subordinated Bonds for 2023
Remaining
Realization of Use of Funds
Realized Value of Planned Use of Funds According Funds from
According to Additional
Public Offering Results to Additional Information Public
Information
Offering
Effective
No. Description
date
Amount of
Loan Loan
Public Offering Cost Net Proceeds Total Total
Distribution Distribution (in IDR)
Proceeds (in IDR) (in IDR) (in IDR) (in IDR)
(in IDR) (in IDR)
(in IDR)
1 2 3 4 5 6 7 8 9 10 11
Public
1 Offering of 26/06/2023 500,000,000,000 5,857,666,049 494,142,333,951 494,142,333,951 494,142,333,951 494,142,333,951 494,142,333,951 -
Bonds
Total 500,000,000,000 5,857 ,666,049 494,142,333,951 494,142,333,951 494,142,333,951 494,142,333,951 494,142,333,951 -
Material Information Regarding Investment, Expansion, Divestment, Acquisition,
or Debt and Capital Restructuring
Investment
Securities and Capital Participation
BRI has invested in a number of marketable securities, while the details of BRI’s investments as of December 31, 2023 and 2022 are
presented as follows.
Table of Securities Investment Details (in IDR million)
Description 2023 2022
Fair value through profit or loss 22,393,171 21,115,873
Fair value through other comprehensive income 163,339,165 150,802,567
Amortized cost 145,358,968 158,406,378
Total Securities 331,091,304 330,324,818
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 379
Page 382
Apart from investing in securities, BRI invests in the form of (2) Transactions in the form of acquisitions and disposals
equity participation which is described as follows: of companies or operating segments are categorized as
- he additional capital to the BVI aimed to strengthen the Material Transactions in terms of:
BVI’s capital structure in order to increase BVI business a. The transaction value is equal to 20% (twenty percent)
growth and take into account strategic investment potential or more of the equity of the Public Company;
including the Red and White Fund’s financing preparation b. The total assets that are the object of the transaction
plans and additional capital participation in LinkAja. The divided by the total assets of the Public Company are
additional BVI capital that was realized in 2023 was IDR500 equal to or more than 20% (twenty percent);
billion contained in Deed No. 45 dated March 31, 2023 with c. The net profit of the object of the transaction is divided
BRI share ownership of 99.9%. by the net profit of the Public Company whose value is
equal to or more than 20% (twenty percent); or
Expansion d. The operating income of the object of the transaction is
divided by the operating income of the Public Company
BRI did not carry out expansion activities throughout 2023. whose value is equal to or more than 20% (twenty
percent).
Business Merger/Consolution (3) (3)In the event that the transactions as referred to in
(1) and (2) are conducted by a Public Company that has
BRI did not carry out business merger/consolidation activities negative equity, the transaction is categorized as a Material
throughout 2023. Transaction if the transaction value is equal to 10% (ten
percent) or more of the total assets of the Public Company.
Divestment
Conflict of Interest Transactions
BRI did not carry out divestment activities throughout 2023.
In accordance with Otoritas Jasa Keuangan Regulation No.
Acquisition 42/POJK.04/2020 concerning Affiliated Transactions and
Transactions with Conflicts of Interest (POJK 42/2020), what
BRI did not carry out acquisition activities throughout 2023. is meant by Conflict of Interest is the difference between the
economic interests of a public company and the personal
Debt and Capital Restructuring economic interests of members of the Board of Directors,
members of the Board of Commissioners, major shareholders
BRI did not carry out debt and capital restructuring activities or controllers who could be detrimental to public companies.
throughout 2023. Therefore, Conflict of interest is a condition/situation in which a
person due to his/her position or authority has a personal interest
that can affect the quality and performance of the objectively
Material Transaction Information mandated tasks.
Containing Conflict of Interest and/or
Transactions with Affiliated Parties Bank BRI has a conflict of interest policy as stated in Directors
Circular No. SE.09-DIR/KEP/03/2023 dated March 15, 2023
Material Transaction is any transaction made by a Public concerning Corporate Governance (Book 1 regarding Handling
Company or Controlled Company that meets the value limit Conflicts of Interest). The handling of conflicts of interest was
as stipulated in the Otoritas Jasa Keuangan Regulation (POJK) basically carried out through improving values, systems, personal
No.17/POJK.04/2020 concerning Material Transactions and and culture. The basic principles of conflict of interest handling
Changes in Business Activities. included:
1. Maintaining integrity, prioritizing the interests of the public
Scope of Transaction: and the Company and being committed to handling conflicts
Public Company that conducts Material Transactions in: of interest.
a. 1 (one) transaction; or 2. Creating transparency in handling and supervising conflicts
b. A series of transactions for a specific purpose or activity, of interest.
must comply with the provisions as stipulated in POJK No.17/ 3. Encouraging personal responsibility and exemplary attitude.
POJK.04/2020. 4. Creating and fostering an organizational culture that was
able to handle conflicts of interest.
Value Limitation:
(1) A transaction is categorized as a Material Transaction if the In 2023, BRI will not have any material transactions containing
transaction value is equal to 20% (twenty percent) or more Conflicts of Interest.
of the equity of the Public Company.
PT Bank Rakyat Indonesia (Persero) Tbk.
380 2023 Annual Report
Page 383
Management Discussion and Analysis
on Bank Performance
Affiliate Transaction an Affiliate of a Public Company or an Affiliation of members of
the board of directors, members of the board of commissioners,
Based on POJK 42/2020, Affiliate are: major shareholder, or controller, including any activities and/
1. Family relations by marriage and descent to the second or transactions carried out by public company or controlled
degree, both horizontally and vertically; company for the benefit of affiliates of public companies or
2. The relations between the party and the employee, director affiliates of members of the board of directors, members of the
or commissioner of that party; board of commissioners, major shareholders, or controllers.
3. Relations between 2 (two) Companies where there are 1
(one) or more members of the same Board of Directors or During 2023, there are Affiliated Transactions with the following
Board of Commissioners; explanation:
4. Relations between the company and the party, either directly
or indirectly, controlling or being controlled by the company; Disclosure of Affiliate Transaction
5. Relations between 2 (two) companies that are controlled, Information
either directly or indirectly, by the same party; or
6. Relations between the company and major shareholders. 2023, there will be no Disclosure of Affiliate Transaction
Information that meets Article 4 POJK 42/2020.
While Affiliated Transactions are any activities and/or transactions
carried out by a public company or a controlled company with
Report of Information or Material Facts For Additional Capital to Subsidiaries
In 2023, there was additional capital for Subsidiaries/Related Companies included in Article 6 POJK 42/2020 to maintain the percentage
of share ownership.
No. Transaction Date Transaction Types Related Parties Relationship Type
1 March 2, 2023 Additional Capital PT BRI Ventura Investama BRI as the Controlling
Shareholder
Affiliate Transaction Report
The Company has submitted 12 (twelve) Affiliated Transaction Reports that comply with Article 6 POJK 42/2020 to the Otoritas Jasa
Keuangan as follows:
No. Transaction Date Transaction Types Related Parties Relationship Type
1 August 25, 2023 Access Watchlist Data PT Bank Raya Indonesia Tbk BRI as the Controlling Shareholder
2 July 18, 2023 Procurement with PT Danareksa (Persero) The Republic of Indonesia as the
Consultants controlling shareholder
3 27 June, 2023 Use of the Audit PT Asuransi BRI Life and PT BRI Multifinance Indonesia BRI as the Controlling Shareholder
Management System
Application for BRI
Life and BRIF
4 May 8, 2023 Implementation PT Pegadaian BRI as the Controlling Shareholder
of Master Data
Management (MDM)
5 May 2, 2023 Procurement of PT BRI Danareksa Sekuritas BRI as the Controlling Shareholder
Consultant Services
6 April 18, 2023 Career Mobility within PT BRI Asuransi Indonesia, PT Asuransi BRI Life, PT BRI BRI as the Controlling Shareholder
the BRI Group Danareksa Sekuritas, PT BRI Ventura Investama, PT BRI
Multifinance Indonesia, PT Bank Raya Indonesia Tbk
7 December 30, 2022 Reference to Bank PT Bank Raya Indonesia Tbk BRI as the Controlling Shareholder
Guarantee, Pinang
Maksima, and Pinang
Performa Facilities to
Partners (Financing
Vendors)
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 381
Page 384
No. Transaction Date Transaction Types Related Parties Relationship Type
8 September 8, 2023 Opening a BRI Savings PT Permodalan Nasional Madani BRI as the Controlling Shareholder
Account for
9 April 18, 2023 Opening a BRI Savings PT Pegadaian BRI as the Controlling Shareholder
Account for Pegadaian
customer
Transactions as Business Activities Conducted In the Framework of Generating Business Income and
Executed Routinely, Repeatedly, and/or Continuously
In accordance with Article 8 and Article 9 of OJK Regulation 42/2020, there are Affiliate Transactions which are business activities carried
out in order to generate business income and carried out routinely, repeatedly and/or continuously. The Company has collected data on
these transactions and recorded them in Financial Report Note 44. These are as follows:
Transaction Transaction Affiliate Relations Relationship Transaction
No.
Date Types Parties Type Value
Referral of Pegadaian products BRI as the Controlling
1 June 27, 2023 PT Pegadaian 781.011 referal*)
and services to BRI customers Shareholder
December 27, BRI as the Controlling
2 Syndicated Loans PT Bank Raya Indonesia Tbk IDR600,000,000
2023 Shareholder
*) Assumed nominal affiliate transaction
In line with OJK Regulation No.12/POJK.03/2021 dated July 30, All affiliate transactions have been reported to the Otoritas Jasa
2021 concerning Commercial Banks and SOEs Minister Regulation Keuangan (OJK) in accordance with POJK 42/2020. Furthermore, apart
No.PER-03/MBU/08/2017 dated August 14, 2017 as amended from the transactions above, there are other Affiliate Transactions
by SOE Minister Regulation No.PER-04 /MBU/09/2017 dated which are submitted in the Related Party Transactions Section
September 13, 2021 and Minister of SOEs Regulation No.PER-07/
MBU/04/2021 dated April 21, 2021 concerning Guidelines Related Parties Transaction
for Cooperation with State-Owned Enterprises, affiliated
transactions between the Company and its subsidiaries are BRI and its subsidiaries had transactions with related parties as
synergies between banking business groups in order to optimize defined in PSAK No. 7 concerning “Related Party Disclosures”. A
resources, support the implementation of business activities party was considered related to BRI and its subsidiaries if:
and provide added value to the BRI Group. Meanwhile, affiliated 1) Directly, or indirectly through one or more intermediaries, a
transactions with other affiliated parties are carried out in the party (i) controls, or is controlled by, or was under common
context of mutually beneficial business synergies, efficiency/ control with, BRI and its subsidiaries; (ii) had an interest in
optimization in operational activities as well as providing added BRI and its subsidiaries that exerted significant influence
value for the parties. over BRI and its subsidiaries; or (iii) had joint control over BRI
and its subsidiaries;
In this case, the Board of Directors stated that the affiliate 2) A party related to BRI and its subsidiaries;
transaction had gone through adequate procedures, was carried 3) A party having a joint venture in which BRI and its subsidiaries
out in accordance with generally accepted business practices, were venturers;
and complied with the arm’s length principle and applicable 4) A party was a member of the key management personnel of
statutory provisions. In an effort to ensure transactions are carried BRI and a subsidiary or parent;
out in the interests of the Company and to prevent potential 5) A party was a close family member of the individual described
conflicts of interest that may occur regarding planned affiliate in item (1) or (4);
transactions, in accordance with its duties and responsibilities, the 6) A party was an controlled entity, jointly controlled or
Risk Management Oversight Committee is enabled to review and significantly influenced by or for which significant voting
provide advice to the Board of Commissioners regarding potential rights in multiple entities, directly or indirectly, individuals as
conflicts of interest. described in paragraphs (4) or (5); and
7) A party is a post-employment benefit plan for employee
benefits from BRI and its subsidiaries or entities related to
BRI and its subsidiaries.
PT Bank Rakyat Indonesia (Persero) Tbk.
382 2023 Annual Report
Page 385
Management Discussion and Analysis
on Bank Performance
Name of the Transacting Parties and Nature of Relations
The balances and transactions with related parties are as follows:
Table of Transaction with Tabel Pihak Berelasi
Related Parties
No Related Parties Relationship Type Elements of Related Party Transactions
1. Key Employees Relationship of control of company activities Loans, customer savings, Program imbalan kerja
Government of the Republic Majority ownership through the Ministry of Finance
2. Securities, Loans received
of Indonesia (RI)) of the Republic of Indonesia
Ownership relationship through the Central Irrevocable L/C that is running for import purposes,
3. Perum BULOG
Government of the Republic of Indonesia credit provided, customer deposits
PT Sarana Multi Infrastruktur Ownership relationship through the Central
4. Securities
(Persero) Government of the Republic of Indonesia
Ownership relationship through the Central Placements with Bank Indonesia and other financial
5. PT Bank Mandiri Taspen
Government of the Republic of Indonesia institutions
PT PNM Investment Ownership relationship through the Central
6. Securities
Management Government of the Republic of Indonesia
Ownership relationship through the Central
7. PT BNI Asset Management Securities
Government of the Republic of Indonesia
PT Rajawali Nusantara Ownership relationship through the Central
8. Export bills and other invoices
Indonesia Government of the Republic of Indonesia
PT Perkebunan Nusantara VII Ownership relationship through the Central
9. Loans provided
(Persero) Government of the Republic of Indonesia
Ownership relationship through the Central
10. PT Inka Multi Solusi Acceptances receivable and payable
Government of the Republic of Indonesia
PT Industri Kereta Api Ownership relationship through the Central Acceptances receivable and payable, Irrevocable L/C
11.
(Persero) Government of the Republic of Indonesia that is in progress for import purposes
Ownership relationship through the Central
12. PT Wijaya Karya Realty Other assets
Government of the Republic of Indonesia
Ownership relationship through the Central
13. PT PAL Indonesia Issued guarantee
Government of the Republic of Indonesia
Ownership relationship through the Central
14. PT Telekomunikasi Selular Issued guarantee
Government of the Republic of Indonesia
PT Pelabuhan Indonesia Ownership relationship through the Central
15. Customer deposits
(Persero) Government of the Republic of Indonesia
PT Semen Indonesia (Persero) Ownership relationship through the Central
16. Customer deposits
Tbk Government of the Republic of Indonesia
Ownership relationship through the Central
17. PT Jasa Marga Tbk Customer deposits
Government of the Republic of Indonesia
Ownership relationship through the Central
18. PT Taspen (persero) Customer deposits
Government of the Republic of Indonesia
Ownership relationship through the Central
19. PT Bukit Asam Tbk Customer deposits
Government of the Republic of Indonesia
Securities, Current accounts with other banks,
Ownership relationship through the Central
20. PT Bank Mandiri (Persero) Tbk Placements with Bank Indonesia and other financial
Government of the Republic of Indonesia
institutions, Loans received, Deposits from other banks
Current accounts with other banks, Placements with Bank
PT Bank Negara Indonesia Ownership relationship through the Central
21. Indonesia and other financial institutions, Loans received,
(Persero) Tbk Government of the Republic of Indonesia
Deposits from other banks
Ownership relationship through the Central Acceptance receivables and liabilities, customer
22. PT Petrokimia Gresik
Government of the Republic of Indonesia deposits
PT Perusahaan Listrik Negara Ownership relationship through the Central Securities, credit granted, irrevocable L/C that is in
23.
(Persero) Government of the Republic of Indonesia progress for import purposes
Ownership relationship through the Central
24. PT Bahana Artha Ventura Equity investments
Government of the Republic of Indonesia
PT Bahana TCW Investment Ownership relationship through the Central
25. Securities, customer deposits
Management Government of the Republic of Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 383
Page 386
No Related Parties Relationship Type Elements of Related Party Transactions
Investments in shares, current accounts with other
PT Bank Syariah Indonesia Ownership relationship through the Central banks, placements with Bank Indonesia and other
26.
Tbk Government of the Republic of Indonesia financial institutions, loans received, deposits from
other banks
PT Perusahaan Gas Negara Ownership relationship through the Central
27. Issued guarantee
Tbk Government of the Republic of Indonesia
Current accounts with other banks, Placements with Bank
PT Bank Tabungan Negara Ownership relationship through the Central
28. Indonesia and other financial institutions, Loans received,
(Persero) Tbk Government of the Republic of Indonesia
Deposits from other banks
PT BRI Manajemen Investasi
Ownership relationship through the Central
29. (dahulu PT Danareksa Securities
Government of the Republic of Indonesia
Investment Manajgement)
PT Dirgantara Indonesia Ownership relationship through the Central
30. Loans provided
(Persero) Government of the Republic of Indonesia
PT Garuda Maintenance Ownership relationship through the Central
31. Loans provided
Facility Aero Asia Tbk Government of the Republic of Indonesia
PT Kereta Api Indonesia Ownership relationship through the Central
32. Loans provided
(Persero) Government of the Republic of Indonesia
PT Krakatau Steel (Persero) Ownership relationship through the Central
33. Credit provided, customer savings
Tbk Government of the Republic of Indonesia
Acceptance receivables and liabilities, issued
PT Pembangunan Perumahan Ownership relationship through the Central guarantees, outstanding irrevocable L/Cs for imports,
34.
(Persero) Tbk Government of the Republic of Indonesia customer deposits, export bills of exchange and other
receivables
Ownership relationship through the Central
35. PT Pertamina (Persero) Guarantees issued, customer deposits
Government of the Republic of Indonesia
Ownership relationship through the Central Acceptance bills and liabilities, issued guarantees,
36. PT Adhi Karya (Persero) Tbk
Government of the Republic of Indonesia export bills and other bills
PT Indonesia Asahan Ownership relationship through the Central Securities, irrevocable L/C that are in progress for
37.
Aluminium (Persero) Government of the Republic of Indonesia import purposes
Lembaga Pembiayaan Ekspor Ownership relationship through the Central Current accounts with other banks, Guarantees issued,
38.
Indonesia Government of the Republic of Indonesia Loans received
Ownership relationship through the Central
39. PT Pertamina EP Cepu Loans provided
Government of the Republic of Indonesia
Ownership relationship through the Central
40. Pusat Investasi Pemerintah Loans provided
Government of the Republic of Indonesia
Ownership relationship through the Central
41. PT Pertamina Hulu Rokan Issued guarantee
Government of the Republic of Indonesia
Ownership relationship through the Central Export bills and other bills, Acceptance bills and
42. PT PP Presisi Tbk
Government of the Republic of Indonesia liabilities
PT Waskita Karya (Persero) Ownership relationship through the Central
43. Kredit yang diberikan, Issued guarantee
Tbk Government of the Republic of Indonesia
Ownership relationship through the Central
44. PT Wijaya Karya (Persero) Tbk Garansi yang diterbitkan
Government of the Republic of Indonesia
PT Wijaya Karya Bangunan Ownership relationship through the Central Acceptance receivables and liabilities, irrevocable L/Cs
45.
Gedung Tbk Government of the Republic of Indonesia that are in progress for import purposes
PT Hutama Karya Ownership relationship through the Central
46. Accounts receivable financing
Infrastruktur Government of the Republic of Indonesia
Ownership relationship through the Central
47. PT Fintek Karya Nusantara Accounts receivable financing
Government of the Republic of Indonesia
Ownership relationship through the Central
48. PT Petrokimia Kayaku Acceptances receivable and payable
Government of the Republic of Indonesia
PT Kilang Pertamina Ownership relationship through the Central
49. Irrevocable L/C that is in progress for import purposes
International Government of the Republic of Indonesia
PT Sarana Multigriya Finansial Ownership relationship through the Central
50. Securities, Loans received
(Persero) Government of the Republic of Indonesia
Yayasan Kesejahteraan Pekerja Ownership relationship through the Central
51. THT program, customer savings
BRI Government of the Republic of Indonesia
Ownership relationship through the Central
52. Dana Pensiun BRI Employee Benefits Pension Plan
Government of the Republic of Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk.
384 2023 Annual Report
Page 387
Management Discussion and Analysis
on Bank Performance
No Related Parties Relationship Type Elements of Related Party Transactions
Ownership relationship through the Central
53. Dana Pensiun Pegadaian Employee Benefits Pension Plan
Government of the Republic of Indonesia
Dana Pensiun Lembaga Ownership relationship through the Central
54. Employee Benefits Pension Plan
Keuangan BRI Government of the Republic of Indonesia
Dana Pensiun Lembaga Ownership relationship through the Central
55. Employee Benefits Pension Plan
Keuangan BNI Government of the Republic of Indonesia
PT Bank Hibank Indonesia Ownership relationship through the Central
56. Current accounts with other banks, Loans received
(dahulu PT Bank Mayora) Government of the Republic of Indonesia
Ownership relationship through the Central Export bills and other invoices, Irrevocable L/C that is in
57. PT Bhirawa Steel
Government of the Republic of Indonesia progress for import purposes
PT Kresna Kusuma Dyandra Ownership relationship through the Central
58. Loans provided
Marga Government of the Republic of Indonesia
High Speed Railways Ownership relationship through the Central
59. Export bills and other bills
Contractor Consortium Government of the Republic of Indonesia
Ownership relationship through the Central
60. PT Garuda Indonesia Tbk Credit provided, customer savings
Government of the Republic of Indonesia
Ownership relationship through the Central
61. PT Lancar Jaya Mandiri Abadi Export bills and other bills, customer deposits
Government of the Republic of Indonesia
Ownership relationship through the Central
62. PT Elnusa Tbk Export bills and other bills
Government of the Republic of Indonesia
PT Wijaya Karya Industri Ownership relationship through the Central
63. Acceptances receivable and payable
Energi Government of the Republic of Indonesia
Ownership relationship through the Central Irrevocable L/C that is running for imports, export bills
64. PT Pupuk Kalimantan Timur
Government of the Republic of Indonesia and other bills, customer deposits
Ownership relationship through the Central Irrevocable L/C that is running for import purposes,
65. PT Kimia Farma Tbk
Government of the Republic of Indonesia customer deposits
PT Wika Semarang Demak Ownership relationship through the Central
66. Export bills and other bills
Seksi 2 Government of the Republic of Indonesia
Ownership relationship through the Central
67 PT Pupuk Kujang Cikampek Export bills and other bills, customer deposits
Government of the Republic of Indonesia
Ownership relationship through the Central
68. PT Prima Armada Raya Accounts receivable financing
Government of the Republic of Indonesia
Fairness and Reasons For The Transaction
subject to mutually agreed policies and terms. Transactions
In the normal course of business, BRI conducted transactions with related parties were carried out fairly in accordance with
with related parties due to ownership and/or management the interests of the Company (Arm’s Length Transaction). The
relationships. Related party transactions occured because of transaction had been carried out in accordance with the laws and
BRI’s business needs. All transactions with related parties became regulations and was free from conflicts of interest.
Realization of Related Party Transactions
Details of transaction balances with related parties are described as follows
Table of Realization of Related Party Transactions (in IDR million)
Description 2023 2022
Asset
Current accounts with other banks 448,259 697,978
Placements with Bank Indonesia and other financial institutions 2,927,441 3,052,713
Securities 256,540,281 286,311,292
Export bills and other bills 5,039,044 8,911,425
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 385
Page 388
Description 2023 2022
Loan granted 61,280,470 63,749,756
Receivables Lease Financing 30,351 7,205
Acceptance Receivables and Liabilities 1,213,562 1,609,971
Share Investment 6,312,323 5,278,029
Total assets of related parties 334,449,197 370,325,978
Total consolidated assets 1,965,007,030 1,865,639,010
Percentage of total assets of related parties to total consolidated assets 17.02% 19.85%
Liability
Current account 174,894,844 184,165,751
Savings 446,427 864,745
Time deposit 156,298,259 139,196,981
Deposit from other banks and other financial institution 462,943 821,691
Loan Accepted 26,072,346 18,847,671
Subordinated loans 231,563 363,095
Compensation to key employee management 1,616,737 887,492
Total liabilities to related parties 366,710,645 352,428,274
Total consolidated liabilities 1,648,534,888 1,562,243,693
Percentage of total liabilities to related parties to total consolidated liabilities 22.24% 22.58%
Commitments and Contingencies on Administrative Accounts
Issued warranty 23,166,828 32,400,198
Irrevocable L/C that is in progress for import 8,219,329 6,268,627
Defined Benefit Pension Plan Contributions 814,934 563,595
Old Age Benefit Program Contributions 136,643 128,467
Defined Contribution Pension Plan Contributions 468,697 451,679
Other Benefit Program Contributions Defined Benefit Funds - -
Total 1,420,274 1,143,741
Salaries and allowances of the Board of Commissioners and the Board of Directors
Salaries and allowances of the Board of Directors 195,671 189,966
Salaries and allowances of the Board of Commissioners 83,417 84,369
Total 279,088 274,335
Tantiem, bonuses and incentives for the Board of Commissioners and the Board of Directors
Tantiem for the Board of Directors 404,423 443,816
Tantiem for the Board of Commissioners 159,244 131,568
Key employee bonuses and incentives 187,258 97,479
Total 750,925 672,863
Table of Percentage of Transactions with Related Parties to Total Consolidated Assets and Liabilities of BRI
and Subsidiaries (in %)
Description 2023 2022
Asset
Current accounts with other banks 0,023 0,037
Placements with Bank Indonesia and other financial institutions 0,149 0,164
Securities 13,055 15,347
Export bills and other bills 0,256 0,478
PT Bank Rakyat Indonesia (Persero) Tbk.
386 2023 Annual Report
Page 389
Management Discussion and Analysis
on Bank Performance
Description 2023 2022
Loan granted 3,119 3,417
Receivables Lease Financing 0,002 0
Acceptance Bill 0,062 0,086
Share Investment 0,321 0,283
Other assets 0,036 0,038
Total 17,023 19,850
Liability
Current account 10,609 11,789
Savings 0,027 0,055
Time deposit 9,481 8,91
Deposit from other banks and other financial institution 0,028 0,053
Securities issued 0,404 0,489
Securities sold under agreement to repurchase 1,583 1,207
Subordinated Loans and Marketable Securities 0,014 0,023
Compensation to key employee management 0,098 0,057
Total 22,244 22,583
Review of Mechanism Policy on Transactions and (RI) and other entities related to the Government of the Republic of
Fulfillment of Related Rules and Conditions Indonesia were also disclosed in Note 44.
Transactions with related parties were carried out on the same Every transaction with a related party had to go through a review
terms and conditions as transactions with third parties. Transactions mechanism in accordance with what had been determined by the
carried out by the Bank have complied with Financial Services Company. All significant transactions and balances with related
Authority Regulation no. 42/POJK.04/2020 concerning Affiliate parties were carried out on normal and fair terms. Transactions
Transactions and Conflict of Interest Transactions (POJK 42/2020), with related parties were carried out based on terms agreed by both
when these transactions are carried out. All material transactions and parties, where these terms might not be the same as transactions
balances with related parties were disclosed in the relevant notes made with unrelated parties. The terms and conditions of
to the consolidated financial statements and the details could be transactions with related parties were generally carried out as with
presented in Note 44 to the consolidated financial statements. third parties reviewed by the Risk Management Oversight Committee
Furthermore, material balances and transactions between BRI and and had to obtain approval from the Board of Commissioners.
its subsidiaries with the Government of the Republic of Indonesia
Changes In Law and Their Impact on Bank
Table of Changes in Legislation 2023
Information on Impact on Financial
No Regulation Description
Adjustments Made Statements
1. Law Number 4 of The P2SK Law is an Omnibuslaw where there 1. BRI adjusted the Business Activities in the Has no impact on the
2023 concerning are 27 chapters and 341 articles contained in it Articles of Association in accordance with composition of the Financial
Development and which regulate five things that are very crucial changes to provisions relating to Commercial Statements.
Strengthening for financial sector reform, namely: Bank Business Activities in the P2SK Law;
of the Financial 1. Strengthening financial sector authority 2. BRI was obliged to adjust internal provisions
Sector. institutions while paying attention to related to Bank Secrecy following changes to
independence; the Bank Secrecy provisions in Article 40, Article
2. Strengthening governance and increasing 40A, Article 40B and Article 40C of the Banking
public trust; Law as regulated in the P2SK Law;
3. Encouraging the accumulation of long-term 3. BRI was obliged to adjust the BRI Pension Fund
funds in the financial sector for prosperity Regulations where there are changes to the
and support for sustainable development provisions on Pension Benefits, Retirement Age
financing; and Inactive Funds related to Pension Funds in
4. Consumer protection; And the P2SK Law;
5. Financial sector literacy, inclusion and
innovation.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 387
Page 390
Information on Impact on Financial
No Regulation Description
Adjustments Made Statements
4. BRI had to adjust the provisions regarding
write-offs for loans to Micro, Small and Medium
Enterprises.
5. Considering that there were regulations clarified
in derivative regulations, in making adjustments/
implementing the provisions of the P2SK Law, BRI
had to pay attention to the derivative regulations
of the P2SK Law that would be issued by the
regulator (OJK, BI, Ministry of Finance, etc.).
2. Republic of That in an effort to realize synchronous and 1. BRI had to adjust internal regulations related to Has no impact on the
Indonesia harmonious SOEs Ministerial Regulations to Human Capital, especially the addition of new composition of the Financial
Minister of support planned, integrated and sustainable provisions in SOEs PER 3, including: Retirement Statements.
State-Owned SOEs management, a legal breakthrough is Provisions for Employees who are Directors,
Enterprises needed by combining several related SOEs Single Income for Directors, Provisions for
Regulation Regulations into 1 (one) comprehensive Tantiem and Incentives, and Allowances for
No. PER-3/ Ministerial Regulation. There are several new Directors.
MBU/03/2023 arrangements in this SOEs Regulation as 2. BRI had to adjust the provisions regarding Legal
concerning follows: Assistance provided to the Board of Directors as
Organs and 1. List and Track Records of Candidates for stipulated in PER SOEs 3.
Human Resources SOEs Directors (Chapter II).
of State-Owned 2. Young Talents Who Become Directors of
Enterprises. SOEs (Chapter III).
3. Single Income of SOEs Directors (Chapter
VI).
4. Eligibility of Tantiem/Performance
Incentives (Chapter VII).
5. Long Term Incentives (LTI) (Chapter VII).
6. Income Determination Consultation
(Chapter VII).
7. Housing and Vehicle Facilities Allowance
(Chapter VII).
3 Republic of This SOEs regulation is an effort made by the 1. BRI had to carry out the new obligations Has no impact on the
Indonesia Ministry of SOEs as a value creation agent regulated in PER SOEs 2, including the composition of the Financial
Minister of and development agent to support national obligations: Statements.
State-Owned economic growth through synchronization a. Quarterly reports and Annual Reports to the
Enterprises and harmonization of regulations relating GMS/Minister.
Regulation to the principles of governance of State- b. IT implementation report which is integrated
No. PER-2/ Owned Enterprises, implementation of risk with the annual report to the GMS/Minister
MBU/03/2023 management for State-Owned Enterprises, c. Report on the realization of additional use
concerning assessment of the health level of the Agency. of PMN signed by the main director and main
Guidelines for State-Owned Enterprises, strategic planning commissioner to the GMS
Governance for State-Owned Enterprises, guidelines for d. BRI Health Level Assessment is based on
and Significant significant corporate activities of State-Owned corporate rating. The ranking consists of
Corporate Enterprises, implementation of information (stand alone rating) and (final rating).
Activities of SOEs. technology for State-Owned Enterprises, and 2. BRI must adjust internal provisions related to
reporting for State-Owned Enterprises. the SOEs Procurement of Goods and Services
Guidelines, SOEs Cooperation Guidelines.
4. POJK 17 of 2023 POJK Governance is an umbrella provision that 1. BRI was obliged to implement good governance Has no impact on the
concerning harmonizes various provisions, both related which at least includes the principles of composition of the Financial
Governance for to aspects of governance which are regulated openness, accountability, responsibility, Statements.
Commercial in separate topics in a POJK, other related independence and fairness.
Banks provisions, including providing strengthening 2. BRI was obliged to adapt the principles of
or adjusting policies according to the latest implementing governance as regulated in POJK
banking needs that apply to all Commercial 17 of 2023 in the General Corporate Governance
Banks, both conventional and sharia. Policy of PT Bank Rakyat Indonesia (Persero)
Tbk.
3. BRI had to pay attention to new provisions
regarding the replacement, dismissal and/
or appointment of Directors/Board of
Commissioners in accordance with POJK 17 of
2023.
5. PBI Number 3 of In connection with the reform of the protective BRI had to make adjustments to internal regulations Has no impact on the
2023 concerning regulations contained in the P2SK Law, and the and product/service provisions by referring to the composition of the Financial
Bank Indonesia publication of the Personal Data Protection Law PBI for Consumer Protection, especially products Statements.
Consumer (UU PDP), it also encourages a review of data related to the Payment System.
Protection protection regulations and following the G20/
OECD High Level Principles on Financial Consumer
Protection. For this reason, Bank Indonesia needs
to adjust and re-arrange aspects of consumer
protection that are within the scope of Bank
Indonesia’s authority, so that they can be in line
with and support the implementation of the Law.
Consumer protection is very important to increase
public confidence in financial products and
services, as well as supporting the achievement of
financial sector stability. This PBI regulates, among
other things, the following provisions:
1. Consumer Protection Principles.
2. Handling of Consumer Complaints by Bank
Indonesia.
3. Supervision Activities by BI.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
on Bank Performance
Information on Impact on Financial
No Regulation Description
Adjustments Made Statements
6. Deposit In order to increase the effectiveness of the 1. BRI must had to out the new obligations regulated Has no impact on the
Insurance Agency implementation of deposit insurance and adapt by PLPS Number 1 of 2023, namely: composition of the Financial
Regulation several regulations to Law Number 4 of 2023 a. Carry out your own assessment of the Bank’s Statements.
Number 1 of concerning Development and Strengthening of obligations
2023 concerning the Financial Sector (“UU P2SK”), regulations b. Changes to Bank Statement Provisions
the Deposit regarding the deposit guarantee program are 2. BRI had to adjust the Deposit Insurance Agency
Guarantee needed that can ensure the implementation of premium calculation where there are adjustments
Program deposit insurance effectively. PLPS 1 of 2023 to the types of savings guaranteed by Deposit
regulates the following matters: Insurance Agency.
1. Membership Arrangements 3. BRI must ensure premium payment obligations are
2. Guarantee Premium Settings paid to Deposit Insurance Agency, because Deposit
3. Deposit Insurance Arrangements Insurance Agency has the authority to verify
4. Objection Handling Settings premiums within a period of 10 (ten) years starting
5. Administrative and Criminal Sanctions from the due date for premium payments for the
Regulations period in question on January 31 or July 31.
Accounting Policy Changes
Information regarding changes in accounting policies, reasons and their impact on financial statements is presented as follows.
Table of Changes in Accounting Policies
Quantitative
Exposure to Impact of Changes in
Reasons for Changes in
No Changes in Accounting Policies Consequences and Accounting Policies
Accounting Policies
Adjustments Made on Financial
Reports
1. Amendment to PSAK No. 1 “Presentation Changes in accounting policies Amendment to PSAK No. 1 Update BRI’s internal
of Financial Reports regarding Disclosure of in 2023 were due to the does not have a material accounting policies in
Accounting Policies”. implementation of the Statement impact on financial accordance with the
• Effective January 01, 2023. of Financial Accounting Standards reporting and disclosures in requirements provided by
• This amendment is adopted from amendment to (PSAK) as a form the consolidated financial the amendment.
IAS No. 1 “Presentation of Financial Statements: adoption of International Financial statements.
Disclosure of Accounting Policies”. Reporting Standards (IFRS) which
• This amendment clarifies that not all accounting has been approved by the Financial Does not have a
policy information related to material Accounting Standards Board – quantitative impact on
transactions, events or other conditions is Indonesian Accounting Association financial statements.
material to the financial statements. (DSAK – IAI) effective January 1,
2023.
2. Amendment to PSAK No. 16 “Fixed Assets on This change is motivated by the Amendment to PSAK Update BRI’s internal
Yield Before Intended Use”. practice of a lot of accounting policy No. 16 does not have a accounting policies in
• Effective January 01, 2023. information being disclosed in notes material impact on financial accordance with the
• This amendment is adopted from amendment to financial reports which seem reporting and disclosures in requirements provided by
to IAS No. 16 “Property, Plant and Equipment: excessive and tended to be just a the consolidated financial the amendment.
Proceeds before Intended Use”. formality, as well as a lack of clear statements.
• This amendment clarifies examples of costs that guidance in determining changes in
can be directly attributed to the cost of acquiring accounting treatment as changes to Does not have a
fixed assets. estimates or accounting policies. quantitative impact on
financial statements.
3. Changes in Accounting Estimates, and Errors Amendment to PSAK Update BRI’s internal
regarding the Definition of Accounting No. 25 does not have a accounting policies in
Estimates”. material impact on financial accordance with the
• Effective January 01, 2023. reporting and disclosures in requirements provided by
• This amendment is adopted from amendment the consolidated financial the amendment
to IAS No. 8 “Accounting Policies, Changes in statements.
Accounting Estimates and Errors: Definition of
Accounting Estimates”. Does not have a
• This amendment clarifies the definition of quantitative impact on
accounting estimates and clarifies changes in financial statements.
accounting estimates.
4. Amendment to PSAK No. 46 “Income Tax Amendment to PSAK Update BRI’s internal
regarding Deferred Taxes related to Assets and No. 46 does not have a accounting policies in
Liabilities arising from Single Transactions”. material impact on financial accordance with the
• Effective January 01, 2023. reporting and disclosures in requirements provided by
• This amendment is adopted from amendment to the consolidated financial the amendment
IAS No. 12 “Income Taxes: Deferred Tax related statements.
to Assets and Liabilities arising from a Single
Transaction”. Does not have a quantitative
• This amendment clarifies the description and impact on financial
initial recognition exceptions for deferred tax statements.
assets and liabilities.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 389
Page 392
Quantitative
Exposure to Impact of Changes in
Reasons for Changes in
No Changes in Accounting Policies Consequences and Accounting Policies
Accounting Policies
Adjustments Made on Financial
Reports
5. Amendment to PSAK No. 46 “Income Taxes on Amendment to PSAK Update BRI’s internal
International Tax Reform - Pillar Two Model No. 46 does not have a accounting policies in
Provisions”. material impact on financial accordance with the
• Effective January 01, 2023. reporting and disclosures in requirements provided by
• This amendment is adopted from amendment the consolidated financial the amendment
to IAS No. 12 “Income Taxes: International Tax statements.
Reform - Pillar Two Model Rules”.
• amendment provides for a temporary exception Does not have a
to the accounting treatment of deferred tax quantitative impact on
related to the application of the provisions of the financial statements.
Pillar Two tax model and its disclosures.
Bank Soundness Level
Bank Soundness Level is assessed based on Otoritas Jasa Assessment of the Soundness of Commercial Banks using a risk
Keuangan Regulation No. 4/POJK.03/2016 concerning approach (Risk-Based Bank Rating) is carried out with a scope of
Assessment of the Soundness of Commercial Banks using a evaluation of the following 4 (four) factors:
risk approach (Risk-Based Bank Rating). Bank Soundness Level 1. Risk Profile
assessment is carried out on the Bank’s risk and performance 2. Good Corporate Governance (GCG)
which can be seen from the final rating of the assessment results. 3. Profitability (Earnings)
4. Capital
Table of Individual BRI Soundness Level (Self Assessment)
2nd Semester 2nd Semester
Rating Factor
Assessment 2023 Assessment 2022
Rating Rating
Risk Profile 2 2
Good Corporate Governance (GCG) 2 2
Profitavility 2 1
Capital 1 2
Risk-Based Bank Soudness Rating 2 2
BRI Bank’s Soundness Level Rating using the risk-based assessment method (RBBR) is at Composite Rating 2 (PK 2) – GENERALLY
HEALTHY with details for each assessment factor, BRI’s Risk Profile is at Rating 2 (Low to Moderate), GCG is at Rating 2 (Good), Profitability
is at Rating 2 (Adequate) and Capital is at Rank 1 (Very Adequate).
Business Continuous Information
Potentially Influential Significant to Business Continuity
Threats to BRI’s business continuity can come from potential implemented a Business Continuity Management (BCM) Policy
disruptions/disasters caused by, among other things, nature which is regulated in Circular Letter No. SE.50-DIR/MPE/12/2023
(natural disasters), deliberate actions, business process failures dated December 29, 2023 and Standard Operating Procedure
or technological disruptions. To anticipate the impact of this No. SO.05a-ORD/05/2023 dated June 27, 2023. The objectives
potential disruption, the BRI Board of Directors developed and of the BCM policy include, among others, to protect the security
PT Bank Rakyat Indonesia (Persero) Tbk.
390 2023 Annual Report
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Management Discussion and Analysis
on Bank Performance
and safety of BRI employees, their families, customers and Tax Aspect
stakeholders in accordance with the existing Disaster Management
Plan (RPB). Apart from that, BCM aims to maintain the continuity Disclosure of the Governance Framework,
of the most important business/operational activities, safeguard Management and Control
BRI assets, and have an adequate response in every condition,
whether in normal conditions, crisis conditions, disaster recovery PT Bank Rakyat Indonesia (Persero) Tbk as a state-owned bank
phase until conditions return to normal (new normal). Currently, that has gone public and of which shares are mostly owned by
the challenges of BCM apart from the 4 (four) factors above are the Indonesian government is committed to carrying out its
related to the digitalization of banking and financial systems obligations in the field of taxation in accordance with applicable
which can cause many disruptions, one of which is cyber attacks. regulations. In the context of better tax management, BRI
applies tax principles to realize tax management effectively and
Apart from the threat of potential disruption/disaster, there efficiently, and is always in line with the provisions of applicable
is also a threat to BRI’s business continuity originating from tax laws..
financial market disruption. To anticipate the impact of this
disruption, BRI developed and established an Emergency Funding On June 30, 2020, the Government issued Government
Plan (CFP) and Action Plan (Recovery Plan) which refers to Law of Regulation in Lieu of Law (Perpu) of the Republic of Indonesia
the Republic of Indonesia No. 4 of 2023 dated January 12 2023 No. 1 of 2020 which has become Law (UU) Number 2 of 2020,
concerning Development and Strengthening of the Financial as well as establishing Government Regulation (PP) No. 30 of
Sector. The CFP policy contains approaches and strategies for 2020 concerning Reduction of Income Tax Rates for Domestic
dealing with crisis conditions that impact liquidity to ensure BRI’s Corporate Taxpayers in the Form of Public Companies and was
ability to obtain the required funding sources in a timely manner effective from the date of promulgation, namely on June 19,
and at a reasonable cost. For more severe conditions, BRI will 2020. Furthermore, on October 29, 2021 the Government issued
implement a Recovery Plan so that the bank is able to return to Law of the Republic of Indonesia Number 7 of 2021 concerning
running its business in a proper and sustainable condition. Harmonization Tax Regulations (UU HPP). The regulation
stipulated a reduction in the income tax rate for domestic
Management Assessment on Matters corporate taxpayers and permanent establishments from the
Potentially Significant Influence Against original 25% to 22% for the 2020, 2021, 2022 and subsequent
Business Continuity with Assumptions Used tax years, as well as a further reduction in the tax rate of 3% for
domestic taxpayers who met certain requirements.
In order to implement proactive BCM, the BCM Policy has been
updated which consists of: Based on the statement letter No. DE/1/2024-0191 dated
1. Disaster Threat Risk Assessment (PRAB), Business Impact January 4, 2024 and the monthly share ownership report from the
Analysis (BIA), Business Continuity Plan (BCP), Emergency Securities Administration Bureau, Datindo Entrycom regarding
Response Plan (ERP), Crisis Management Plan (CMP), BRI share ownership during 2023, all of the above certain
Disaster Recovery Plan (DRP), and Socialization and Testing. requirements to obtain the tax rate reduction facility were based
To ensure the implementation of BCM and Occupational on the report. BRI’s finances for the year ending December 31,
Safety and Health (K3), BCP trials have been carried out 2023 have been fulfilled to obtain incentives for reducing the tax
in the BRI Bank Critical Division, as well as socialization rate by 3% based on the provisions of Article 5 paragraph (2) of
and trials of emergency response (Emergency Response) Law No. 2 of 2020, so that for 2023 BRI uses a tax rate of 19% in
at the head office as well as all regional offices and their the calculations Corporate Income Tax.
supervisory work units. BRI Bank work units have also carried
out a Threat and Disaster Risk Assessment (PRAB)/Risk Bank BRI takes a tax approach based on compliance with all
and Threat Assessment which aims to identify the highest applicable tax regulations. Bank BRI has developed tax policies
threats/disasters in the work unit as well as the resources and strategies approved and reviewed annually by the Director
needed to prepare for facing these threats/disasters. of Finance in reporting the Annual Corporate Income Tax
2. Updates to BRI Bank’s Emergency Funding Plan (CFP) and Action SPT. In managing tax implementation, BRI has established a
Plan (Recovery Plan) policies which include aspects of updating comprehensive and structured process, such as::
early warning indicators and trigger levels, emergency funding 1. The governance (executive) body responsible for
strategies and recovery options as well as communication implementing the tax strategy is the Finance Director.
strategies for handling crises. Regular monitoring of early 2. BRI Bank has internal tax guidelines for fulfilling tax
warning indicators and trigger levels is carried out. In addition, obligations in the BRI Tax Provisions Circular and BRI Tax
to ensure the readiness of the BRI organization in implementing Operational Procedure Standards which are used and become
CFP procedures, a contingency funding plan trial simulation was standards for all BRI Work Units.
carried out to ensure the feasibility of CFP.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 391
Page 394
3. BRI identifies, manages and monitors tax obligations in The most important stakeholder in tax matters is the government
accordance with applicable regulations through continuous through the tax office. For this reason, BRI always maintains good
monitoring and reconciliation carried out by the Financial relations with the tax authorities, but without being involved in
and Management Accounting Division and related work units. public policy advocacy related to taxation, or other efforts to
4. Bank BRI discloses tax information transparently following influence the tax authorities. Bank BRI implements compliance
reporting guidelines for shareholders and the public. with all laws and regulations issued by the tax authorities. Bank
BRI only operates in Indonesia with several branches abroad,
therefore tax reporting is only done for Indonesia.
Table of Tax Payment (Bank Only, in IDR million)
Tax Type Tahun 2023 Tahun 2022
Income Tax Article 21 2,680,437 2,536,394
Income Tax Article 22 63,313 55,064
Income Tax Article 23 157,296 152,727
Income Tax Article 26 2,978,403 1,932,182
Final Income Tax Article 4 paragraph (2) 5,097,270 3,045,296
VAT and PPnBM 232,240 252,698
Stamp Duty 84,178 23,237
Sub Amount of Potput Tax 11,293,137 7,997,599
Corporate Income Tax (Corporate Tax) 10,817,648 12,135,836
Response to Change In Monetary Policy
Direction
Throughout 2023, Bank Indonesia (BI) raised the BI benchmark 3. Strengthening the policy of transparency in Basic Credit
interest rate (BI-Rate) by 50 bps from 5.50% in December 2022 to Interest Rates (SBDK) with a focus on credit interest rates per
6.00% in December 2023. BI monetary policy was consistent and economic sector.
focused on Rupiah exchange rate stability against the US Dollar 4. Acceleration of digitalization of payment systems and
and keep inflation under control according to the target of 2.5 ± expansion of cooperation between countries to increase
1% in 2024. Meanwhile, macroprudential policies and payment transaction volume and encourage inclusion in the Digital
systems remain supporting sustainable economic growth, in line Financial Economy (EKD), through:
with the high uncertainty in the economy and financial markets a. Expanding QRIS implementation by:
globally in the future. - Set a QRIS usage target of 55 million users by 2024.
- Set a QRIS transaction volume target of 2.5 billion
In this regard, BI continues to strengthen the mix of monetary, transactions by 2024.
macroprudential and payment system policies to maintain - Strengthening QRIS implementation strategies
stability and support sustainable economic growth with the between countries to accelerate transaction
following efforts: acceptance.
1. Stabilization of the Rupiah exchange rate through b. Strengthening the implementation of the Indonesian
intervention in the foreign exchange market in spot Credit Card (KKI) Government Segment by developing the
transactions, Domestic Non-Deliverable Forward (DNDF), and KKI online payment feature, as well as expanding more
Government Securities (SBN) in the secondary market. intensive socialization, coordination and monitoring.
2. Strengthening pro-market monetary operations strategies 5. Expanding international cooperation with central banks
for monetary policy effectiveness, including optimization and partner country authorities, particularly through QRIS
of Bank Indonesia Rupiah Securities (SRBI), Bank Indonesia between countries and Local Currency Transactions (LCT), as
Foreign Currency Securities (SVBI), and Bank Indonesia well as facilitating trade and tourism investment promotion
Foreign Currency Sukuk (SUVBI). in priority sectors in collaboration with relevant agencies.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
on Bank Performance
Apart from these steps, BI is also increasing its policy coordination stable. In October 2023, the gross non-performing loan (NPL) value
with the Government to maintain macroeconomic stability and was recorded to move steadily and was below 3%, namely 2.42%.
support economic growth. Moreover, BI also strengthens policy Meanwhile, banking industry liquidity is increasingly limited and
coordination with the Central Government, Regional Government, tends to tighten. Growth in Third Party Funds (DPK) slowed to 3.43%
and strategic partners including the National Movement for Food yoy in October 2023, from 6.54% yoy in the previous month.
Inflation Control (GNPIP) program in various regions in the Central
and Regional Inflation Control Teams (TPIP and TPID), as well as the Meanwhile, in terms of resilience, banking resilience remains well
Acceleration and Expansion of Digitalization Central and Regional maintained, this is reflected in strong capital and low credit risk.
Government Transactions (P2DD). Policy synergy between BI and the The Capital Adequacy Ratio (CAR) was recorded at a high level
Financial System Stability Committee (KSSK) is also strengthened in of 27.86% in November 2023. Credit risk also remains under
order to maintain financial system stability and encourage credit/ control, reflected in the low non-performing loan (NPL) ratio of
financing to the business world, especially in priority sectors. 2,19% (gross) and 0,75% (net) in December 2023.. BI stress-test
results show that national banking resilience remains strong in
Various policy steps taken by BI throughout 2023 have had a positive the face of global pressure. BI will continue to strengthen policy
impact on national banking. In general, banking intermediation is synergies with KSSK in mitigating various risks that have the
quite good, although relatively slow compared to the position at the potential to disrupt financial system stability.
end of 2022. Credit growth in October 2023 was recorded to have
increased to 8.99% yoy from 8.96% yoy in the previous month. In response to the increase in BI’s benchmark interest rate and
However, this figure is lower than the position at the end of 2022 monetary policy by the FED, BRI selectively adjusted its funding
of 11.35% yoy. On a year-to-date (YTD) basis, Industry’s credit interest rates and credit interest rates (especially short-term
growth also only grew by 7.47% until October 2023, lower than credit). However, for the Basic Credit Interest Rate (SBDK), as of
the same period last year of 9.80%. Even though credit growth is December 2023, BRI’s SBDK has not undergone any changes with
in a slowing phase, credit quality is relatively well maintained and the following details:
Table of Basic Credit Interest Rate (dalam %)
Consumer Credit
Corporate
Interest rate Retail Loans Micro Loans
Loans
Housing Loans (KPR) Non-Housing Loans (Non-KPR)
Desember 2023 8.00% 8.25% 14.00% 7.25% 8.75%
Prohibitions, Limitations and/or Significant Obstacles to the Legal Lending Limit
Between Banks and Other Entities in a Business Groups
In carrying out its business activities, BRI established a policy of concentration on Legal Lending Limit, Banks are required
that includes limits on providing funds to related parties in to spread and diversify the portfolio of Legal Lending Limit,
accordance with the Regulation of the Otoritas Jasa Keuangan of especially through limiting Legal Lending Limit, both to Related
the Republic of Indonesia Number 32/POJK.03/2018 concerning Parties and other than Related Parties in the amount of a certain
Legal Lending Limits (BMPK) and Provision of Large Funds for percentage of Bank Capital or Core Capital (Tier 1) Banks,
Commercial Banks and POJK No. 38 /POJK.03/2019 concerning known as BMPK and Provision of Large Funds. Furthermore, in
Amendments to POJK No. 32/POJK.03/2018 Concerning LLL and order to increase Indonesia’s economic growth and national
Provision of Large Funds for Commercial Banks. competitiveness, efforts are needed to encourage the banking
intermediation function by providing concessions or exceptions
Provision of Funds to Related Parties and in the application of LLL and Large Fund Providers while
Large Amount of Funds observing the principle of prudence. BRI already owned a policy
regarding Legal Lending Limit to Related Parties or Provision of
One of the causes of the failure of the Bank’s business is the Large Funds (large exposure) and or Legal Lending Limit to other
Legal Lending Limit that is not supported by the Bank’s ability parties who had an interest in the Bank regulated in BRI Directors
to manage the concentration of Legal Lending Limit effectively. Circular Letter Number: SE.36-DIR/ KRD/06/ 2019 June 27, 2019
To reduce the potential for Bank business failure as a result and its amendments.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 393
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Policy of Giving Loan to the Board of parties in which the Bank made Equity Participation after
Directors and Board of Commissioners being added to the entire portfolio of provision of funds
to Related Parties was set at a maximum of 10% (ten
Granting loans to the Directors and Commissioners was included in the percent) of Bank Capital;
provision to Related Parties, and this had to be approved by the Board c. Meet the conditions referred to in points 1, 2 and 3.
of Commissioners. Funding for Related Parties had beenregulated by
the Otoritas Jasa Keuangan and the Company’s provisions, namely Related parties included:
the BRI Loans Provision Minimum Limit Policy. The provisions and 1. Individuals or companies that controlled the Bank.
procedures for extending loans to the Board of Directors and Board 2. Legal entity in the event that the Bank acted as a controller.
of Commissioners applied the same as extending loans to prospective 3. Companies in the case of individuals or companies as referred
BRI Bank debtors in general and were given according to market to in point 1 act as controllers.
interest (market rate) and reasonable (arm length basis) while taking 4. Members of the Board of Directors, members of the Board of
into account the principle of prudence. Commissioners, and Bank Executive Officers.
5. Parties who had family relations horizontally or vertically:
Mechanism for Provision of Funds to Related i. From individuals who were controllers of the Bank as
Parties referred to in point 1; and
ii. From members of the Board of Directors and/or members
1. Provision of Funds to Bank Related Parties was submitted of the Board of Commissioners at the Bank as referred to
independently or collectively through the Wholesale Credit in point 4;
Risk Analyst Division and had to obtain approval from the 6. Members of the Board of Directors and/or members of the
Board of Commissioners. Board of Commissioners in the company as referred to in
2. Provision of Funds to Related Parties had to be reviewed in points 1, 2 and/or 3.
advance by the BRI Independent Committee before being 7. Companies of which members of the Board of Directors and/
asked for approval from the Board of Commissioners. or members of the Board of Commissioners were members of
3. Provision of Special Funds (especially loans) to the Board of the Board of Commissioners at the Bank.
Directors and Board of Commissioners had to be carried out 8. Companies in which 50% (fifty percent) or more members
in a fair and reasonable manner (equal treatment). of the Board of Directors and/or members of the Board
of Commissioners were Directors and/or Commissioners
Provision of Funds to Related Parties of the company as referred to in points 1, 2 and 3. The
amount of 50% (fifty percent) or more was calculated from
Provisions regarding the setting of the LLL limit were that the the total cumulative Board of Directors and/or Board of
Portfolio of provision of funds to Related Parties with a Bank as a Commissioners.
whole was set at a maximum of 10% (ten percent) of the Bank’s 9. Companies that:
Capital. Other regulated party provisions were: a. Members of the Board of Directors, members of the
1. Banks were prohibited from providing funds to Related Parties Board of Commissioners, and/or Bank Executive Officers
that wee contrary to the general procedures for provision of acted as controllers; and
funds. b. Members of the Board of Directors and/or members of
2. Banks were prohibited from providing fund to Related Parties the Board of Commissioners from the parties referred to
without the approval of the Bank’s Board of Commissioners. in points 1, 2 and/or 3 acted as controllers.
3. Banks were prohibited from purchasing low-quality assets 10. Collective Investment Contract in which the Bank and/or the
(assets that were of substandard, doubtful or loss quality parties referred to in points 1-9 own 10% (ten percent) or more
and/or have been restructured) from Related Parties. shares in the collective investment contract investment manager.
4. In the event that the quality of providing fund to Related 11. Companies that had financial relationships with Banks and/
Parties declined to substandard, doubtful or loss, the Bank or parties referred to in points 1-9 above.
was required to take steps to correct it by: 12. The borrower was an individual or a non-bank company that
a. Repayment of loans no later than 60 (sixty) days after the had a financial relationship through providing guarantees to
decline in the quality of provision of funds; and/or the parties referred to in points 1-11.
b. Conducted loans restructuring since the decline in the 13. Borrowers who had financial relationships through
quality of provision of funds. guarantees provided by the parties referred to in points 1-11.
5. In the event that a Bank provided fund in the form of Equity 14. Other banks that had financial relationships through the
Participation which caused the party where the Bank made provision of guarantees to the parties referred to in points
Equity Participation to become a Related Party, the Bank was 1-11 in the event that there was a counter guarantee from
required to ensure: the Bank and/or the parties referred to in points 1-11 to the
a. Fund Provision Plan was set at a maximum of 10% (ten other bank.
percent) of Bank Capital; 15. Other companies in which there was an interest in the form
b. Provision of funds that would be and had been given to
PT Bank Rakyat Indonesia (Persero) Tbk.
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Management Discussion and Analysis
on Bank Performance
of share ownership of 10% (ten percent) or more individually g. Loans;
or jointly, from the parties referred to in point 5. h. Equity capital;
i. Temporary equity participation;
Provision of Funds to Parties Other Than j. Administrative account transactions; and
Related Parties k. Other forms of provision of funds that can be equated
l. with letters a through j.
1. Provision of funds to: 2. Provision of Bank Funds to SOEs for development purposes was
a. 1 (one) Borrower other than a Related Party; or set at a maximum of 30% (thirty percent) of Bank Capital.
b. 1 (one) group of Borrowers other than Related Parties 3. Provision of funds to SOEs for development purposes such as
2. Provision of funds to 1 (one) borrower other than Related Provision of funds for:
Parties or 1 (one) group of Borrowers other than Related Parties a. food procurement;
is set at a maximum of 25% (twenty five percent) of the Bank’s b. very simple Home procurement;
Core Capital (Tier 1). c. Procurement, supply and/or management of oil and
3. Banks were required to determine the classification of Borrowers natural gas as well as alternative natural sources of
in a group of borrowers in the event that the Borrower had energy that are equivalent;
a controlling relationship with other Borrowers through d. Procurement, supply and/or management of water;
ownership, management and/or financial relationships. e. Procurement, provision and/or management of electricity;
4. Classification of Borrowers with the following criteria: f. Procurement and/or management of export-oriented
a. The Borrower was the controller of other Borrowers; commodities;
b. 1 (one) party that was the controller of several Borrowers; g. Procurement of instructors supporting land, sea and
c. 50% (fifty percent) members of the Board of Directors and/ air transportation in the form of construction of roads,
or members of the Borrower’s Board of Commissioners bridges, railroads, seaports and airports; and/or
become members of the Board of Directors and/or members h. The development of the National Tourism Strategic Area
of the Board of Commissioners at other Borrowers; (KPSN) which was determined and prioritized by the
d. The Borrower had financial relationships with other central government.
Borrowers; and/or
e. The Borrower had a financial relationship in the form of Credit RISK Mitigation Techniques
issuing guarantees to take over and/or pay off part or all
of the obligations of other Borrowers in the event that BRI was required to apply an Credit Risk Mitigation technique
another Borrower failed to fulfill obligations to the Bank. that met certain requirements in calculating LLL in the event
5. Borrower Group classification does not apply to: that BRI recognized the existence of collateral, guarantees,
a. Provision of funds Facilities provided by Banks to debtors in guarantees or loan insurance as an Credit Risk Mitigation
general Bank business activities; and technique in calculating weighted assets according to credit risk
b. Providing guarantees by insurance companies, guarantee using the standard approach by referring to the provisions of the
companies, the Government of the Republic of Indonesia, Otoritas Jasa Keuangan which regulated regarding guidelines
and/or governments of other countries. for calculating risk-weighted assets for credit risk using a
c. Provision of loans to debtors through companies using the standardized approach.
forwarding method.
d. Providing loans with a nucleus-plasma partnership pattern Exceptions From Calculation of Legal
with a core company scheme guaranteeing loan to plasma. Lending Limit (LLL)
e. Provincial government and district/municipal government
as well as between each district/city government. Placements at each Prime Bank were excluded from the LLL
calculation with the following provisions:
Provision of Funds 1. Legal Lending Limit Section for Borrowers who obtain
guarantees from Prime Bank.
Provision of funds that were considered in the calculation of LLL 2. Legal Lending Limit to the Central Government.
and Provision of Large Funds were all Provision of funds in the 3. Placement with Bank Indonesia.
position of the banking book and trading book. 4. Purchase of Securities issued by the Government of the
1. Types of Provision of funds, namely: Republic of Indonesia and/or Bank Indonesia.
a. Placement; 5. The Legal Lending Limit Division which obtained guarantees
b. Derivative transactions; from the Government of the Republic of Indonesia under
c. Securities; certain conditions.
d. Securities sold under agreement to repurchase (repo); 6. Export-oriented Legal Lending Limit to financial institutions
e. Claims on securities purchased with agreements to resell and the Legal Lending Limit Division which obtain guarantees
(reverse repo); from financial institutions that meet certain requirements.
f. Acceptance bills;
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 395
Page 398
7. The portion of Legal Lending Limit guaranteed by certain 5. Changes in provisions (regarding changes to parties
collateral and meets certain requirements. categorized as Related Parties or Borrower groups).
8. Legal Lending Limit which had become a factor reducing
Capital. Determination of the Borrower in the calculation of LLL
Exceeding was carried out in accordance with the provisions for
Exceeding Legal Lending Limit (LLL) calculating Legal Lending Limit. LLL exceedance was calculated
based on the value recorded at the date of the report.
Excess Conditions
Settlement of Violations and Excessing of LLL
Legal Lending Limit by BRI was categorized as Exceeding the LLL Bookings
caused by:
1. Decrease in Capital or Core Capital (Tier 1) During 2023, BRI has never violated or exceeded the LLL. In the
2. Exchange rate changes event that the Bank violates and/or exceeds the LLL, BRI is required
3. Changes in fair value to prepare a follow-up plan for the settlement of BMPK violations
4. Business mergers, changes in ownership structure, and/or and/or exceeds it along with a target time for completion.
changes in management structure that caused changes in
Related Parties and/or Borrower groups;
Table of LLL Violations and Exceedings (dalam %)
Party Unrelated Parties
LLL Related Parties BUMN
No Related (Borrower Group)
LLL violations - - - -
Exceeding the LLL - - - -
Reporting respective functions to the Division in charge of the loan
portfolio.
External Report 3. The division in charge of the loan portfolio consolidates and
prepares LLL and Large Exposure reported and submited
BRI submited reports on Provision Funds, Provision of Large them to the Board of Directors and Board of Commissioners.
Funds, Exceptions to Provision of Large Funds, LLL Violations or
Exceedings of the LLL, individually and on a consolidated basis to BRI Internal LLL
the Otoritas Jasa Keuangan periodically.
1. As a form of prudence and risk appetite, BRI sets a maximum
Internal Report internal LLL amount of 85% of the LLL determined by OJK
per obligor.
Internally, BRI prepared LLL reports involving work units related 2. BRI’s distribution of loan funds was focused on the MSME
to the following mechanism: segment.
1. As a basis for determining LLL and Large Exposure, the FMA
Division provides data on BRI’s last position of Capital to the Transactions to Related Parties
Division in charge of the loan portfolio.
2. The Head Office Business Division, Kanca, UKLN, Division/ In 2023, transactions with related parties (related party
Desk in charge of Subsidiary Entities, and related work units transactions) were carried out in a fair, normal commercial terms,
report the data required for reporting according to their arm length basis with the following details:
Table of Legal Provision Funds to Related Parties and Provision of Large Funds
2023 2022
Legal Lending Limit
Outstanding Outstanding
Number of Debtors Number of Debtors
(in IDR million) (in IDR million)
1. To Related parties 643 16,238,267 645 13,306,100
2. To Core Debtors
a. Individual 50 130,408,842 50 116,111,068
b. Group 50 178,925,740 50 157,962,208
PT Bank Rakyat Indonesia (Persero) Tbk.
396 2023 Annual Report
Page 399
Management Discussion and Analysis
on Bank Performance
Spot and Derivative Transactions
Spot transactions and derivative transactions refer to a risk Throughout 2023, BRI conducted spot transactions and
management system that complies with provisions and best derivative transactions in the form of currency and interest
practices. All derivative transactions carried out are intended rate swaps, interest rate swaps, options, buying and selling of
for the interests of BRI and customers. Most of the spot and foreign currency forwards, foreign currency swaps, buying and
derivative transactions carried out by BRI are hedging activities selling of foreign currency spots. In detail, spot and derivative
for customer positions which aim to protect the value of asset transactions conducted by BRI (Consolidated) can be explained
portfolios denominated in foreign currencies and also hedge in the following table.
against interest rates. In this case, BRI’s focus in derivative
transactions is not for trading purposes.
Table of Spot and Derivative Transaction (in IDR million)
Derivative Bills Derivative Liabilities
Transaction
2023 2022 2023 2022
Foreign currency swaps 223,308 194,939 403,003 118,076
Forward buying and selling of foreign currency 284,050 153,074 108,496 134,666
Interest rate swaps 381,607 548,024 369,374 510,221
Currency swaps and interest rates 18,045 - 37,444 -
Spot buying and selling of foreign currency 4,673 15,368 6,893 20,958
Total 911,683 911,405 925,210 783,921
Report on Additional Use of State Capital
Inclusion (PMN)
Based on the Regulation of the Minister of State-Owned b. Increasing the business capacity of SOEs or Limited
Enterprises of the Republic of Indonesia Number PER-2/ Liability Companies
MBU/03/2023 concerning Guidelines for Governance and (2) Additional PMN to SOEs as intended in paragraph (1) is used
Significant Corporate Activities of State-Owned Enterprises in the context of:
Additional State Capital Participation (PMN) is the separation a. Carrying out Government assignments to SOEs;
of state assets from the state revenue and expenditure budget b. Carry out restructuring and/or rescue of SOEs; and/or
which is used as capital of SOEs and/or Limited Liability Company c. Carry out SOEs business development
and managed corporately. In accordance with the provisions in
Article 110 PER-2/MBU/03/2023: In 2023, BRI did not receive additional State Capital Participation
(1) Additional PMN is carried out with the aim of: (PMN), so there is no information on the Report on the Use of
a. Improving the capital structure of SOEs or Limited Additional State Capital Participation.
Liability Company; and/or
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 397
Page 400
Business
Support
Functions
Overview
Throughout 2023, BRI has carried out several
initiatives and internalized work culture
through development in accordance with the
BRI One Culture framework. BRI One Culture
aims to form a performance driven culture
(performance-based company culture) to
encourage productivity which has an impact on
optimal business performance.
PT Bank Rakyat Indonesia (Persero) Tbk.
398 2023 Annual Report
Page 401
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 399
Page 402
Human
Capital
PERFORMANCE SUMMARY OF HUMAN CAPITAL DIRECTORATE
Throughout 2023, BRI Human Capital has a strategic theme of “Strong Employee CAPABILITIES to Increase Business
Productivity in CASA & Retail Banking”, this theme is in line with BRI’s annual theme, namely “Strengthening Retail Banking
capabilities”. The implementation of this theme is realized in the Main Focus of BRI Human Capital 2023, namely Capability,
Productivity, Synergy of the BRI Group as well as Implementation of Environmental, Social and Governance (ESG) and People
Analytics.
To realize this main focus, several initiatives have been • BRI Group Synergy
implemented, including: Carrying out an assessment of human capital maturity
• Capability in the BRI Group, preparing a roadmap for the human
Refining resourcing strategy, rejuvenating marketers, capital management work program in the BRI Group
increasing capabilities through various ftocused as well as the BRI Group HC General Policy (Human
education, reviewing and refining career and corporate Capital General Policy).
title policies. • ESG, Systems and People Analytics
• Productivity Declaration of Respectful Workplace Policy (RWP) as
Pinca Metropolitan debriefing/onboarding program, a form of human capital support for ESG, improving
performance bootcamp to manage workers with human capital applications (BRILiaN Apps & BRiSMART-
poor performance, improving the wage structure and Verse) and optimizing people analytics as a study for
program for giving shares to workers. decision making.
Through these various focuses, employee engagement results for BRI workers have increased, from 3.48 on a scale of 4 in
2022 to 3.49 in 2023, as well as a decrease in employee turnover rate from 1.49% in 2022 to 1.28%. in 2023.
BRI’s Human Capital is committed to continuing to transform by always aligning human capital strategies with the
Company’s business developments and continuing to strive to provide a work environment that is mutually respectful, free
from discrimination to maintain productivity while employees work.
PT Bank Rakyat Indonesia (Persero) Tbk.
400 2023 Annual Report
Page 403
Business Support
Functions Overview
Human Capital Management Framework
In order to realize BRI’s aspirations to become The Most Valuable The people process consisted of 6 (six) stages of a series of human
Banking Group in South East Asia and Champion of Financial capital management, namely align (aligning human capital
Inclusion, BRI has developed a human capital (HC) management strategy with Company strategy) in the form of HC Strategy
strategy in line with corporate strategy. In 2023, BRI restructured and HC Planning. Attract became the process of attracting
the human capital management framework that became the job candidates, in the form of resourcing and onboarding.
basis for human capital management in each company in the BRI Evolve was a process for developing workforce, in the form
Group. With the vision of “Home To The Best Talent”, the mission of development and learning. Accomplish was then a stage to
of human capital management at BRI Group was to “Prepare perfect the workforce’s work process, in the form of performance
competent and productive talents by optimizing the function of management. Engaged is the process of engaging employee, in
human capital as a strategic enabler”. the form of rewards and career management. Offboarding meant
preparing employee to leave the company. Every aspect of people
To realize this, human capital management (human capital process implementation had to be guided by the values of SOEs’
lifecycle) began with input in the form of an understanding of AKHLAK and BRI One Culture.
the Company’s business strategy, both short-term and long-
term strategy and organizational design which became a guide The main outputs of human capital management were employee
in compiling and implementing people processes. Organizational engagement, employee wellbeing and employee productivity.
design was one derivative of the implementation of the Company’s The entire human capital management process was supported
business strategy which provided information regarding the by clear employment and industrial relations regulations, an
organizational structure and its derivative components (position adequate HCIS system, results of people analytics analysis that
descriptions and descriptions, knowledge requirements, skills met needs and could be used as a consideration for decision
and other attributes in carrying out the position). making, creative and reliable human capital communication and
a Performance Driven Culture. All pillars and foundations in HC
management were integrated into the ecosystem to create the
employee value proposition “Giving Meaning to Indonesia”.
HC Management Framework
THE MOST VALUABLE BANKING GROUP IN SOUTHEAST ASIA & CHAMPION OF FINANCIAL INCLUSION
HOME TO THE BEST TALENT
GROOMING COMPETENT AND PRODUCTIVE TALENT THROUGH OPTIMIZING HUMAN CAPITAL AS STRATEGIC ENABLER
EMPLOYEE CUSTOMER
EVP : GIVING VALUE FOR INDONESIA
ALIGN ACCOMPLISH
HC STRATEGY 1 4 PERFORMANCE UNDERSTANDING
HC PLANNING MANAGEMENT BUSINESS STRATEGY
GOVERNMENT
UNDERSTANDING
PARTNERS
BUSINESS STRATEGY
ATTRACT ENGAGE
RESOURCING 2 5 CAREER MANAGEMENT UNDERSTANDING
ONBOARDING REWARD BUSINESS STRATEGY
FACILITATING
ORGANIZATIONAL
DESIGN EVOLVE OFFBOARD
LEARNING 3 6 RETIREMENT FACILITATING
ORGANIZATIONAL
DEVELOPMENT EXIT POLICY
DESIGN
MEDIA NATIONAL & GLOBAL ALLIANCE
HARMONIOUS INDUSTRIAL RELIABLE HUMAN ROBUST PEOPLE ANALYTICS EXCELLENCE & CREATIVE HC
RELATION CAPITAL TECHNOLOGY & COMMUNICTION
INFORMATION SYSTEM
PERFORMANCE DRIVEN CULTURE
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 401
Page 404
In 2023, in line with the Company’s annual theme “Strengthening time to monitor and ensure that there was an understanding
Retail Banking capabilities”, BRI’s human capital strategic theme of expectations regarding changes in responsibilities so that
was “Strong Employee CAPABILITY to Boost Business Productivity there was a change in mindset at work. Another program was
in CASA & Retail Banking”. To realize this, the main focus of human the performance bootcamp, a special program for managing
capital was on BRI Group Capability, Productivity, Synergy as well employee with poor performance. Several other programs were
as the Implementation of Environmental, Social, and Governance improvements to the wage structure and stock grant programs.
(ESG) and People Analytics.
In 2023, a Respectful Workplace Policy (RWP) Declaration was also
On the capability side, BRI strived to support the achievement of carried out as a form of human capital support for ESG. In addition,
the Company’s retail strategy through several initiatives and work improvements and improvements were made to human capital
programs, including improving the resourcing strategy, realizing applications and further optimizing people analytics for decision-
the rejuvenation of marketers through the Brilliant Marketing making studies.
Specialist Program, increasing capabilities through various
education such as sales, service, product managers, and others. In In order to support the Company’s strategy to optimize
addition, BRI’s human capital also strived to review and improve Subsidiaries, BRI human capital carried out an assessment of
policies in the form of adjusting corporate titles and career policies. the maturity of human capital in the BRI Group and prepares a
roadmap for the human capital management work program in the
Programs carried out in 2023 to increase productivity, especially BRI Group. These results were used as a guide for human capital
in retail banking ranks, included Metropolitan Branch Office initiatives and work programs in each Subsidiary Company towards
onboarding, as a continuous program over a certain period of better human capital management.
Human Resources Management Policy and Implementation
Recruitment
Policies
Company required superior talent for the successful execution of • Finding Right Size & Competency
the transformation. Currently, all companies during the pandemic Finding the right talent and competency at the right time.
simultaneously transformed, and get ready for a talent war. This Conducting workforce planning reviews to anticipate
talent war means that all companies fight over the best talents as sustainable HR needs. The current era required the Company
priceless assets, which empirically determine the success of the to demand several new competencies and cut HR needs so
company. On a head to head basis, BRI sought to recruit quality that re-skilling and up-skilling were needed for Employee.
candidates, develop and retain employees who owned qualified • Talent Attraction
talents and skills. BRI embraces the younger generation in its efforts to find the
best talent for the company, with various engagement and
Global competition is getting tighter, which is also supported recruitment programs.
by the phenomenon of talent scarcity so that it is not easy for • Talent Management
companies to find candidates who have certain skills with special Identify measurable career paths by categorizing employees
specifications according to the company’s criteria, goals and based on performance, followed by a review according to
expectations. Responding to this, BRI prepared a number of the talent pool, then ensure that the successor planning
strategic steps to be taken so that remaied the ideal company preparation process can run according to objectives and be
and realized Home To The Best Talent, including: directed.
• Building Culture System
Making BRI One Culture and AKHLAK as core values can
be implemented properly so as to support the Company’s
performance.
PT Bank Rakyat Indonesia (Persero) Tbk.
402 2023 Annual Report
Page 405
Business Support
Functions Overview
• Establishing Agile & Digital Organization 2. Talent Scouting
Work systems and organizations that were more agile so that i. BRILiaN Scholarship Program (BSP)
they were tidier and could run better and more efficiently, Early recruitment program by providing scholarships
especially when working with other teams. to outstanding undergraduate students and aimed
at getting potential job candidates early on whose
BRI prioritizes the process of recruiting talents whose have performance can be monitored since college and
competencies in line with future needs, namely: after graduation could immediately join the BRILiaN
• Creativity & Innovation Future Leader Program (BFLP).
Creative and innovative talents to build better team work, ii. BRILiaN Creativity Contest (BCCP)
think out of the box with a number of breakthrough ideas Recruitment of prospective employee obtained from
and solutions to solve existing problems. the results of creative contests. Assessment was not
• Data Driven only based on academic grades but also promoted
Talents with data-based business intelligence to support innovation.
strategic decision making. iii. BRILiaN Get Talent Program (BGTP)
• Adaptability Search for outstanding talents as future leader
Flexibility of talent that has the ability to adapt to change candidates recommended by BRI work unit leaders.
and environment. The recommended talents had proud achievements,
• Visionary Leadership in terms of professionalism, sports, art or other
Visionary talent competence and able to predict future competitive events.
trends and dare to take measured risks. B. Multi Channel
• Managing Diversity In addition to various sources of talent search (multi source),
Talents who are able to manage and maximize various BRI prepared various entry channels (multi channel), there
diversity to increase the ability to compete in the global were 5 (five) entry channels, namely:
market.. 1. BRILiaN Future Leader Program (BFLP)
• Digital Literacy Recruitment as well as Education program to recruit
The talent’s ability to work by maximizing the potential of potential candidates and provide education as a provision
using digital technology. to become future leaders from external sources. In 2022
• Achievement Orientation BRI implemented it in the recruitment of 103 candidates
The spirit of talent to continue to be oriented towards for General BFLP and 200 candidates for IT BFLP.
achieving the best achievements and to be consistent in 2. BRILiaN Next Leader Program (BNLP)
making continuous improvements. Recruitment and education programs for BRI Internal
Employees who had great potential to become future
In order to attract BRILian talents who are superior in the midst leaders of the Company.
of the current talent war, BRI consistently innovates to increase 3. BRILiaN Banking Officer Program (BBOP)
attractiveness in a more creative manner through various sources Recruitment and education programs to prepare new
(multi sources) and various channels (multi channels). Employees with the corporate title Assistant level
A. Multi Source both from external and internal sources that aimed to
1. Regular support the Company’s performance in accordance with
i. National Recruitment operational standards and values that apply at BRI.
Recruitment was carried out by the head office to 4. BRILiaN Marketing Specialist Program (BMSP)
meet the needs of prospective leaders in all work Recruitment and education program to prepare workers
units both at home and abroad (ex. BRILiaN Future for marketer positions at Corporate Band 6 or officer level,
Leader Program). so that they can demonstrate maximum performance in
ii. Regional Recruitment accordance with operational standards and values that
Recruitment is carried out at Regional Offices, apply at BRI.
Regional Audit Offices, BRI Head Offices, Regional 5. Rekrutmen Bersama BUMN (RBB)
Offices and Internal Audit Offices and Head Offices) This recruitment was initiated by the Ministry of SOEs
to meet the needs of employee in certain positions and had been carried out twice a year starting in 2022.
or functions.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 403
Page 406
Recruitment Implementation Assistant, 100 candidates for the position of Credit Operations
Officer, and 67 candidates for the position of IT Officer.
In 2023, BRI carried out recruitment as follows: f. SOEs Joint Recruitment (RBB) recruited 37 candidates.
a. BRILiaN Scholarship Program (BSP) with 20 candidates and
BSP IT with 38 candidates.
b. BRILLIaN Creativity Contest (CCP) by carrying out the Competency Development
BRILLIaNT Youth Competition with 30 participants and 9
candidates recommended for the BFLP recruitment program. Policies
c. BRILiaN Future Leader Program (BFLP) with details of BFLP
General as many as 269 candidates and BFLP IT as many as Developing employee competency becomes a top priority for
248 candidates. the Company. Competency development is carried out through
d. BRILiaN Next Leader Program (BNLP) as many as 72 internal various programs, including education, training and certification
job candidates. which can be done offline or online through the digital learning
e. BRILiaN Banking Officer Program (BBOP) in 3 batches with platform (BRISMART). In 2023, an educational program has
a total of 3,160 candidates. As for the position of Junior been held consisting of offline classes and online classes. BRI
Associate Loan Analysts, 2,086 candidates were accepted, committed to developing the competency of all its employees
751 candidates for the position of RM Funds & Transactions, by providing equal opportunities for all employees to take part in
53 candidates for the position of RM Consumer Lending KPP/ competency development programs that are held regardless of
KPR, 92 candidates for the position of RM Consumer Lending the employee’s position level, education or gender.
Briguna, 11 candidates for the position of Priority Banking
Competency Development Implementation
Table of Position-Based Competency Development in 2023
Percentage of Employees Percentage of
Number of Number of
Position Employees participants
Attending for Each Training Employees Attending for
Level of Position Each Training Program
Senior Executive Vice President 7 6 86%
BSDP 1,2,3 6 100%
E-Learning 1 17%
Public Course DN 1 17%
Public Course LN 6 100%
SER 5 83%
SOS 1 17%
SRQ 1 17%
Executive Vice President 30 30 100%
BLRP 4 13%
BSDP 1,2,3 29 97%
COP 2 7%
E-Learning 12 40%
FPK&FGD 2 7%
Public Course DN 3 10%
Public Course LN 26 87%
SER 8 27%
SOS 6 20%
SRQ 9 30%
PT Bank Rakyat Indonesia (Persero) Tbk.
404 2023 Annual Report
Page 407
Business Support
Functions Overview
Percentage of Employees Percentage of
Number of Number of
Position Employees participants
Attending for Each Training Employees Attending for
Level of Position Each Training Program
Senior Vice President 77 77 100%
BBSP 1 1%
BLRP 4 5%
BSDP 0/BBOP 13 17%
BSDP 1,2,3 71 92%
COP 16 21%
E-Learning 46 60%
FPK&FGD 3 4%
Public Course DN 11 14%
Public Course LN 54 70%
SER 22 29%
Sespi 2 3%
SOS 15 19%
SRQ 35 45%
Vice President 193 193 100%
BLDP 2 1%
BLRP 5 3%
BSDP 0/BBOP 16 8%
BSDP 1,2,3 167 87%
COP 55 28%
E-Learning 129 67%
FPK&FGD 14 7%
Public Course DN 18 9%
Public Course LN 23 12%
SER 24 12%
Sespi 2 1%
SOS 37 19%
SRQ 83 43%
Assistant Vice President 600 600 100%
BBSP 5 1%
BLDP 76 13%
BLRP 10 2%
BSDP 0/BBOP 53 9%
BSDP 1,2,3 576 96%
COP 193 32%
E-Learning 484 81%
FPK&FGD 92 15%
Public Course DN 36 6%
Public Course LN 27 5%
SER 50 8%
SOS 159 27%
SRQ 253 42%
Senior Manager 776 776 100%
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 405
Page 408
Percentage of Employees Percentage of
Number of Number of
Position Employees participants
Attending for Each Training Employees Attending for
Level of Position Each Training Program
BBSP 4 1%
BLDP 100 13%
BLRP 7 1%
BSDP 0/BBOP 54 7%
BSDP 1,2,3 740 95%
COP 223 29%
E-Learning 674 87%
FPK&FGD 70 9%
Public Course DN 33 4%
Public Course LN 9 1%
SER 33 4%
SOS 189 24%
SRQ 300 39%
Manager 2,759 2,759 100%
BBSP 9 0%
BCEP 33 1%
BLDP 139 5%
BLRP 71 3%
BSDP 0/BBOP 115 4%
BSDP 1,2,3 2,612 95%
COP 1,063 39%
E-Learning 2,351 85%
FPK&FGD 307 11%
Public Course DN 97 4%
Public Course LN 25 1%
SER 311 11%
SOS 646 23%
SRQ 892 32%
Assistant Manager 4,366 4,366 100%
BCEP 358 8%
BFLP 2 0%
BLDP 437 10%
BLRP 111 3%
BSDP 0/BBOP 298 7%
BSDP 1,2,3 4,149 95%
COP 2,616 60%
E-Learning 4,082 93%
FPK&FGD 890 20%
Public Course DN 34 1%
Public Course LN 3 0%
SER 1,512 35%
SOS 1,070 25%
SRQ 2,355 54%
PT Bank Rakyat Indonesia (Persero) Tbk.
406 2023 Annual Report
Page 409
Business Support
Functions Overview
Percentage of Employees Percentage of
Number of Number of
Position Employees participants
Attending for Each Training Employees Attending for
Level of Position Each Training Program
Officer 14,496 14,496 100%
BFLP 715 5%
BNLP 44 0%
BLDP 995 7%
BLRP 188 1%
BSDP 0/BBOP 152 1%
BSDP 1,2,3 13,684 94%
COP 5,659 39%
E-Learning 13,625 94%
FPK&FGD 3,065 21%
Public Course DN 22 0%
Public Course LN 1 0%
SER 4,068 28%
SOS 4,036 28%
SRQ 6,039 42%
Assistant 72,162 72,162 100%
BCEP 2 0%
BFLP 28 0%
BNLP 27 0%
BLDP 2 0%
BLRP 75 0%
BSDP 0/BBOP 8,702 12%
BSDP 1,2,3 64,332 89%
COP 12,818 18%
E-Learning 66,325 92%
FPK&FGD 16,678 23%
Public Course DN 30 0%
SER 6,621 9%
SOS 23,431 32%
SRQ 7,600 11%
Types of
Training Objectives
Competency Development
BRILian Career
BCEP Training programs to support employee career acceleration.
Enhancement Program
BRILian Future Leader
BFLP Training program to prepare new talents to become leaders in facing current and future business challenges.
Program
BRILian Next Leader Training program for career development of BRI best permanent employees to become BRI future leadership
BNLP
Program candidates in facing current and future business challenges.
BRI Human Capital Development Program is to prepare employees to become Great Leaders through sustainable
BRILian Leadership
BLDP and comprehensive leadership development that places emphasis on strengthening character, national insight,
Development Program
global insight, business/banking insight, and technological insight.
BRILian Leader BRI Human Capital Development Program is to prepare employees before entering retirement by providing
BLRP
Retirement Program them with the knowledge, insight and skills needed to undergo retirement.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 407
Page 410
Types of
Training Objectives
Competency Development
Technical competency development program for comprehensive onboarding places emphasis on specific
BRILian Specialist
BSDP 0 knowledge and skills according to the competency requirements required to become a specialist in a particular
Development Program
field tailored to the company's needs.
A sustainable and comprehensive technical competency development program that places emphasis on
BRILian Specialist
BSDP 1,2,3 specific knowledge and skills according to the competency requirements required to become a specialist in a
Development Program
particular field tailored to the company's needs.
BRILian Banking Officer Educational program to prepare new employees in Marketing, Frontliner and Administration positions (permanent,
BBOP
Program contract and outsourced) so they can work in accordance with operational standards applicable at BRI.
COP Community of Practice The community formed in the context of organizing distribution and use of knowledge assets activities.
Education method by optimizing the use of the internet/technology as a means of delivering material, exams,
E-Learning
interaction between teachers and education participants, interaction between education participants and so on.
A forum for active participation of employees in creating strategies and actions that can improve the
FPK&FGD
performance of each work unit.
Public Training programs that are not initiated internally by BRI in order to increase employee competency and are
Domestic Public Course
Course DN implemented within the country.
Training program for mandatory certification activities in accordance with the provisions set by the regulator
SER Training of Certification
and other certification determined by the Company.
Activities to convey information regarding policies, regulations, activity programs, and/or important
SOS Socialization
information related to the company's business development through presentation activities in each work unit.
In House Training (IHT)/
SRQ Special training programs held at the request of work units with approval from BRI Corporate University.
Special Request
In evaluating the effectiveness of competency development, BRI - Measurement of participant evaluation includes
Corporate University uses several assessment aspects, including: material aspects, accommodation, subject matter
1. Evaluation of Business Impact experts (SME) and facilitators with an evaluation
• Assessment of the implementation of educational value of 97,7. (eva 1- 2).
programs on the performance of participants and 3. Evaluation of Efficiency
organizations related to productivity, profitability, • Assessment of the efficiency of education program
employee engagement, contribution margin, and others. implementation based on the number of completions of
• In 2023, the evaluation results for 15 positions in 2023 education programs by participants, cost per education
are “Positive Impact” on business. (eva 4) participant, number of educational programs available
2. Evaluation of Effectiveness and others.
• Assessment of the implementation of the education • Percentage of employee who have completed their
program based on reactions, satisfaction, and the level education:
of mastery of the material by the education participants - In class and/or E-learning: 100% of the total BRI
on the quality of the material or content, the quality employees of 77,739 employees.
of the teachers, learning methods and other matters - In Class: 96.1% of the total BRI employees of 77,739
directly related to the implementation of the education employees.
program. In 2023, there was a significant increase in costs. This was
• The results of the 2023 effectiveness evaluation are as because the implementation of education was partly held offline
follows:: and some foreign education. . Apart from that, there was a
- Measuring the increase in knowledge and skills is recruitment of new entry employee (BFLP) so that the education
carried out after the implementation of education program was massively implemented.
with the average evaluation result of 97,5. (eva 1 - 3).
BRI Corporate University 2021-2023 Budget Realization (In Billion Rupiah)
2023 2022 2021
309 699 992
PT Bank Rakyat Indonesia (Persero) Tbk.
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Business Support
Functions Overview
Career Development
Policies
In order to developing employees’ careers, BRI implemented an including suitability of expertise, additional points from
integrated talent management system consisting of the stages of national and international awards, endorsements, employee
attraction, identification, selection, development and succession. aspirations and other things. This result determined the
A. Tahapan Attraction, BRI prepared Talent Sources and Talent Employee’s Brilliance Score and included the Employee in
Channels to attract the best candidates for BRI. Some of the the talent pool and list of successors.
programs include recruitment programs through Regular D. Tahapan Development, Employees were given a development
Recruitment and Talent Scouting. The Talent Channels program according to their needs, whether based on talent
designed by BRI were BFLP, BNLP, BBOP and BMSP. cluster/ Corporate title or Employee role. This helped in
B. Tahapan Identification, is a grouping of BRI employee based the succession search process, especially for Key Strategic
on aspirations, individual assessment (annual performance) Positions. Some development programs include:
and competency, and clustering into the Human Asset Value • Character
Matrix and areas of expertise (talent pool). • Professional competencies
C. Tahapan Selection, employee were categorized into talent • Leadership competencies
clusters based on performance and competence. These • Technical competencies
results were combined with other supporting scores,
Development Program
The Career Development Program for Insan BRIlliant has been prepared by BRI in line with the Talent Management (Development Program), including
BLDP (Soft Competency) and BSDP (Hard Competency), as well as other development programs.
BRI Talent Management Attraction Identification Selection Development Succession
Corp Band Corp Title Job Grade BBOP1 BNLP/BFLP2 BLDP3 BSDP4 BWLI BGLP5 BYLI6 BSEP7 BBSP8 BCEP9
SVP - EVP
BOD-1 JG 17-21 BLDP 1 EEP
- SEVP
BSEP
BOD-2 VP JG 15-16 BLDP 2 BSDP 2
BWLI
BOD-3 SM-AVP JG 11-14 BLDP 3 BSDP 3
BGLP BBSP
BOD-4 Manager JG 10 BLDP 4 BSDP 4 BYLI
Asst.
BOD-5 JG 8-9 BLDP 5 BSDP 5
Manager
BOD-6 Officer JG 6-7 BNLP/BFLP BLDP 6 BSDP 6 BCEP
BOD-7 Assistant JG 3-5 BBOP BSDP 7
1. BBOP: Brilian Banking Officer Progam 4. BSDP: Brilian Specialist Development Program 7. BSEP: Brillian Society Elite Program
2. BNLP: Brilian Next Leader Program (BNLP)/ 4. BLDP: Brillian Leader Development Program 8. BBSP: Brilian Bright Scholarship Program
Brilian Future leader Program (BFLP) 5. BSDP: Brilian Specialist Development Program 9. BCEP: Brilian Career Enhacnment Program
3. BLDP: Brilian Leader Development Program 6. BGLP: Brilian Global Leaders Program 10. BWLI: BRILiaN Women Leaders Indonesia
High Performing Brilian
E. The Succession Stage is the process of selecting candidates to be placed as successors through promotion or talent rotation in a
position, through succession planning. Currently, to become a successor, BRI has developed an application to support the Talent
Management System at BRI called BRILLIANCE.
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The general process of the talent management system can be described as follows:
BRI Talent Management System
BUSINESS STRATEGY
Attraction Identification Selection
Performance ALIGNMENT Talent Committee +
Talent Sources UKER
PEMIMPIN
UKER PEKERJA Subject Matter Expert
Appraisal UKER
Critical Positions Mapping
Preliminary Talent Mapping
(Using Brilliance)
expertise
field TALENT SELECTION
aspiration
BLFP/BNLP/BBOP
Regular Recruitment Position Output
Aspiration
Output HIGH
Q1 BRILIAN
SOCIENTY
Q4
CAPACITY
SLEEPING
Q2
Talent Channels HIGH IV / UA I / HIPO I / HIPO MODERATED
PROMOTABLE
POTENTIAL
Q5 Q3
MODERATE IV / UA II / CR II / CR LOW
UNFIT CONTRIBUTOR
HIGH MODERATED LOW
LIMITED V / LC III / KC III / KC
PERFORMANCE
BRILian BRILian BRILian BELOW MEET EXCEED
Final Talent Cluster
Future Next Banking
Talent Cluster
Leader Leader Officer
Program Program Program RMA
Risk Management
Risk Management Talent Available :
RMA Talent Available :
COP
COP
Risk Management
Risk Management AMA Talent Available :
AMA Talent Available :
Final Talent Pool by Corporate Title and
Final Talent Cluster Expertise Field
List of Successor Candidate List of Successor
Selection proses include Talent Review which conducted
regulary to review talent with career problems.
Regular Talent Committee (Talent Committee 1 sd 5).
Digitalized process with E-recruitment Digitalized process with Brilliance Digitalized process with Brilliance
Culture Competency Framework Grade Equivalence
BUSINESS RESULTS
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Business Support
Functions Overview
Development Succession
HIGH
Q1 BRILIAN TALENT COMMITTEE
SOCIENTY
Q4
CAPACITY
MODERATED
SLEEPING Q2 To Choose candidates & succesor
PROMOTABLE
Q5 Q3
LOW
UNFIT CONTRIBUTOR
HIGH MODERATED LOW
PERFORMANCE
Talent Cluster
Risk Management
RMA Talent Available :
COP EA ME SE 5,1 ME SE 5,1 EA ME TG 5,1
Risk Management
AMA Talent Available :
Andi Budi Candra
Talent Pool by Corporate Title Position Head of Division/CLO Position Head of Division/CLO Position Head of Division/CLO
and Expertise Field
Uker Policy Division ... Uker Business Division ... Uker Operational Division ...
City Executive Vice President City Executive Vice President City Executive Vice President
JG 16 JG 16 JG 16
JF GM, MPO, PLA, RM JF GM, RM JF CRE, GM
SMK 3,05/3,13/3,00 SMK 3,00/3,00/3,00 SMK 3,20/3,15/3,01
Age 52 years 7 months Age 51 years 6 months Age 54 years 2 months
MKCT 1 years 3 months MKCT 1 years 5 months MKCT 1 years 0 months
MKJ 1 years 3 months MKJ 1 years 3 months MKJ 1 years 0 months
MKU 1 years 3 months MKU 1 years 3 months MKU 1 years 0 months
ASC Ready Now/2,92 ASC Ready Now/3,33 ASC Ready Now/2,83
EA Employee Aspiration BEA Award Winner BRILian Society Member
Management Endorsement
ME (1&2)
CA Culture Agent T5 Top 5 BLDP Ranking
SE Successor Endorsement
1-on-1 For Critical Position Pool Based For other Position
Digitalized process with BRISMART Digitalized process with Brilliance
Performance Compensation & Benefit Career Management IR HCIS
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BRI also utilized assessment tools which were used as 5. BRILiaN Global Development Program (BGLP): Special
identification tools to explore and measure the competencies development program to prepare Top Talents who are
of all employees and also assessed their suitability with the members of BRILiaN Society Member (BSM) Band 3
competency requirements for current positions and positions (Corporate Title at Senior Manager/Assistant Vice President
to be addressed. A series of systematic development programs level) and Band 4 (Corporate Title at Manager level) as Global
are prepared by BRI so that BRILiaN employees can design their candidates Leader who has competence and global business
own careers through the BRILiaN Development Plan, which is a insight. To achieve this goal, one of the agendas in this
career and competency development planning program for each program is to present global speakers who are professionals
employee to achieve their career goals by preparing a personal in their fields..
development plan while improving individual and company 6. BRILiaN Society Elite Program (BSEP): Special development
performance. program to prepare Top Talents who are members of BRILiaN
Society Member (BSM) Band 2 (Corporate Title at Vice
Development Program President level) and Band 1 (Corporate Title at Executive Vice
In line with this development concept, BRILiaN employees will President/Senior Vice President level) in prepare yourself to
go through a series of education to develop their potential to act in a more complex Leader role. This program collaborates
become a Great Talent & Great Leader in accordance with the with global companies to present world-quality speakers.
BRILiaN Development Journey, namely:
1. BRILiaN Banking Officer Program (BBOP): Educational 7. BRILiaN Bright Scholarship Program (BBSP): Education
program to prepare new workers at the Corporate Title program for BRI Permanent Employees to pursue Masters’
Assistant level so they can provide the best performance in Degree sponsored by the company. BBSP targeted BRILian
accordance with operational standards and values at BRI. people who owned the desire to continue studying in the Top
2. BRILiaN Marketing Specialist Program (BMSP): Educational 30 best universities in the world.
program to prepare employees for marketing positions at 8. BRILiaN Young Leader Indonesia (BYLI): A development
Corporate Band 6 or Officer level, so they can provide the program for selected young BRILiaN Employees that provided
best performance in accordance with operational standards career acceleration opportunities and exclusive development
and values at BRI. so that Employees could master the competencies,
3. BRILiaN Future Leader Program (BFLP): Educational knowledge and skills needed to become Indonesia’s Young
program to prepare new employees from external sources at Leaders.
the Corporate Title Officer level so they can provide the best 9. BRILiaN Leader Retirement Program (BLRP): Education
performance in accordance with operational standards and program to prepare employees before entering retirement
values in the BRI Group. period by providing knowledge, insights, and skills needed
4. BRILiaN Next Leader Program (BNLP): Educational program to undergo retirement. The preparations carried out have
to prepare new workers from internal sources at the Corporate thoroughly covered legal, economic, social, and psychological
Title Officer level so they can provide the best performance in aspects.
accordance with operational standards and values at BRI.
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Business Support
Functions Overview
Individual Performance Assessment
Policy
INDIVIDUAL BRICORE
The individual performance management process at BRI performance management process (managing) is a continuous
is packaged in a series called BRI Continuous Performance process throughout the period (continuous) which is manifested
Management (BRICORE). BRICORE is a continuous process in Courageous Performance Dialogue (CPD). The cycle in question
carried out during the performance period and through 3 is depicted in the following illustration:
(three) stages, namely planning, managing and evaluating. The
A. Performance Planning Stage (Planning) 4. The performance appraisal of each worker (Performance
1. It is a process for determining employee performance Appraisal) is in the form of an Individual Performance
targets, in this stage an agreement is reached between Score (IPS) which has taken into account reductions
the employee and the appraiser and ensures alignment (penalties) resulting from disciplinary penalties in
between the employee’s performance targets and the accordance with applicable regulations.
work unit’s performance targets. 5. To avoid performance evaluations that are less than
2. This stage is not only carried out at the beginning of the objective, employee should avoid the following conditions:
performance period (beginning of the year) or at the • Halo Effect, performance evaluation that is based
beginning of the worker’s assignment to a new position/ only on the outstanding positive traits of the
field of duty and Work Unit, but can be carried out employee being evaluated.
periodically if necessary as long as it is in line with the • Horn Effect, performance evaluations that are
Work Unit’s performance targets. based only on the prominent negative traits of the
3. Determination of these performance targets employee being evaluated.
(performance objectives & behavior objectives) is • Leniency, appraisers tend to easily give good
contained in the performance plan for each employee. evaluations to employee.
B. Performance Evaluation Stage (Evaluating) • Strictness, appraisers tend to find it difficult to give
1. The process for preparing and carrying out performance good evaluations to employee.
evaluations, including reviewing performance • Central Tendency, appraisers tend to give evaluations
developments and comparing performance achievements that are in the middle position (between good and bad).
with established performance targets. • Recency Error, Appraisers tend to provide
2. Evaluations can be carried out by each employee during evaluations of employee’ work performance in the
the performance period; it can be quarterly, semi- last/recent period (not overall performance during
annually or annually. the assessment period).
3. Performance evaluation is carried out in the context of
performance monitoring (performance check-in) and
performance appraisal.
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C. Courageous Performance Dialogue (CPD) • Optional is carried out outside of the mandatory
1. It is a two-way communication activity between employee implementation according to the needs of each
and appraisers in the form of effective and constructive worker or if the worker shows indications of declining
feedback to obtain continuous improvement in individual performance as indicated by signs: unsatisfactory
performance and processes inherent in all stages of work quality, low initiative, refusing work, increased
BRICORE. complaints, defensiveness (self-defense), or avoid
2. The implementation of CPD is well planned (dedicated more challenging work.
time) with a purpose:
• Employee know their role and contribution to the UNDERPERFORM MANAGEMENT
achievements of the Work Unit. In 2023, BRI implemented a Performance Bootcamp given to
• Provide the best solution or effective feedback employee with underperformance criteria which aimed to provide
for obstacles/problems related to Employee assistance so that employee were able to achieve the minimum
performance. work standards required. If employee were unable to meet
• Provide appreciation for employee performance performance standards, a management-out process was carried
achievements so that they can achieve the next, out. During the Performance Bootcamp process, the Company
more challenging targets. provided various supports as follows:
3. CPD is carried out continuously throughout the 1. Mentoring Buddy
performance period with explanations: 2. Training
• Mandatory (compulsory) is carried out at the beginning 3. Mentoring
of the performance period (carrying out performance 4. Coaching
planning) and at the end of the performance period 5. Counseling
(conducting performance evaluation).
The stages of Performance Bootcamp are as follows:
JAN - MAR APR MEI - JUL AGT SEP - NOV DES
PERFORMANCE PERFORMANCE
IDENTIFIKASI PENETAPAN EVALUASI 1 EVALUASI 2
BOOTCAMP 1 BOOTCAMP 2
The Performance Bootcamp program in question is considered effective so it will be continued again in 2024.
Implementation of Performance Assessment paying attention to strategy, business development and the
Company’s capabilities. This principle is implemented as a basis
BRI uses the MyCore application as a supporting tool to support for achieving the main objectives of the remuneration system,
the implementation of BRICORE at the individual level. This namely attracting potential employees (attract talent), retaining
application is used by employees from the performance plan input competent employees (retain talent) and maintaining employee
stage to the performance evaluation process. The Company’s motivation to always provide their best performance (motivate
achievement of good performance is also demonstrated by talent). The application of these principles is an important factor
alignment with the Employees’ Individual Performance Score in building the Company’s brand image as The Dream Company to
(IPS). The 2023 IPS results are still in the assessment process, but Work in the Financial Industry, thereby increasing the Company’s
in 2022 the total number of employee who received an exceed competitiveness in the competition to win the best talent.
rating will be 25.08%. Remuneration at BRI does not differentiate between gender (male
and female employees), does not differentiate between race,
Remuneration System and Long Term religion and ethnicity as regulated in concerning Regulations on
Compensation Wages for PT Bank Rakyat Indonesia (Persero) Tbk employees.
Policies The BRI Remuneration System is implemented by providing
monthly wages, adjusting the amount of wages every year
BRI’s remuneration system is structured based on several using the merit increase method, Religious Holiday Allowances,
main principles, including internal fairness, namely providing Annual Leave Allowances, and Long Leave Allowances which
remuneration according to competency and ability as well as are given every 6 (six) year work period. As a strategic step to
position responsibilities, externally competitive (peers), and maintain compensation at a competitive level, during 2023 the
PT Bank Rakyat Indonesia (Persero) Tbk.
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Business Support
Functions Overview
Company has made several improvements in the management 2. Variable compensation, given to employees based on
of the remuneration system, including changing the wage scale performance achievements;
structure and simplifying wage components in line with changes 3. Benefits are facilities provided by the company in order to
in the organizational model, namely dual model organization provide a sense of security and comfort at work, received
(team-based and structural-based). during their tenure (e.g., health care programs) or after
the termination of employment (e.g., pension programs).
Apart from that, BRI also provides bonuses to employees as a form Benefits also include other facilities commonly provided by
of appreciation and increases employee motivation to perform similar companies in the banking industry.;
better in the future. In 2023, bonuses will be given in the form of an 4. Other compensation that is ad hoc in nature is an example
Appreciation Bonus, which is equal to one salary for all employees, of a share ownership program which aims to provide long-
as well as an Annual Bonus using the Bonus Pool concept. The term incentives/motivation to employee, create a sense
bonus pool concept aims to encourage the implementation of a of belonging, and encourage the achievement of company
performance driven culture, namely by ensuring that bonuses are performance targets which are given periodically, namely:
given in line with individual performance achievements and work a. Employee Stock Allocation (ESA)
unit performance, as well as instilling the value of collaboration A stock ownership program in the form of stock
between individuals in a work unit, bearing in mind that the allocation. It was given to employees at all levels who
achievement of work unit performance will have a met the Company’s criteria (est. 54,000 employees):
tenure, individual performance, and employee’s track
BRI also provides special Short-Term Incentives for Marketers records in carrying out their responsibilities.
which are given every Quarter automatically through the system. b. Employee Stock Option Plan (ESOP)
The program aims to increase the motivation and productivity A stock ownership program in the form of share purchase
of marketers to provide the best performance so that they can option at a special price. It was given to employees of
exceed the business targets set by the company and maintain a certain levels who were BRI’s Top Talents and met the
competitive level of compensation received by marketers when Performance and Capacity/Potential criteria.
compared to the market (peers).
Implementation Remuneration System
As an effort to increase the value of BRI shares and increase
employees’ sense of ownership, BRI provides long term incentives Increase In Compensation
and short term incentives in the form of share ownership As a commitment to realizing a performance driven culture at BRI,
through two programs, namely the Employee Stock Allocation the Company provides cash compensation which is determined
Program (ESA) and the Employee Stock Option Program (ESOP) based on employee performance so that the compensation
which have been provided since 2016. Through this program, it received by employees will be directly proportional to the
is hoped that employees can increase productivity and maintain employee’s contribution to the Company. In 2023, BRI gave
the implementation of Good Corporate Governance (GCG) so employee a wage increase determined by the merit increase
that it has a direct impact on increasing BRI’s share price. method. Apart from that, the Company also provided incentives
and bonuses to employee to encourage worker productivity in
Meanwhile, to support official duties, BRI provides official achieving and exceeding targets set by the Company.
facilities including assistance in financing rental houses,
official residences, and rental official vehicles as well as vehicle In 2023, BRI will provide special Short-Term Incentives
ownership programs. BRI also provides medical benefits for (IJP) for 16,971 Marketers with a total nominal value of IDR
employees and their family members, which include coverage for 269,734,324,952. Meanwhile, long-term compensation in the
outpatient care, maternity, dental care, general medical check- form of the Employee Stock Allocation (ESA) share ownership
ups, eyeglass replacement allowances as well as retiree medical program and the Employee Stock Option Plan (ESOP) share
programs that can be used post-retirement. ownership program was last implemented in 2021
Type of Remuneration
The remuneration given to BRI employees is differentiated into
several components as follows, namely:
1. Fixed compensation, given to Employee based on position
and/or according to the work agreement consisting of Basic
Wages and Allowances;
PT Bank Rakyat Indonesia (Persero) Tbk.
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Pension Program 5. Pension Security Program (BPJS Ketenagakerjaan)
6. Sion Health Care Program (Prospens)
Policies 7. BPJS Health Care Insurance Program (BPJS Kesehatan) (BPJS
Kesehatan)
In order to improve welfare for BRI employees after the end of
the employment relationship and to make employees more
convenient, throughout their tenure BRI also prepares benefit Implementation of Pension Program
programs that they are entitled to access after their tenure
terminates or after they retire.. The programs include: Apart from that, in the retirement preparation period,, Pekerja
1. Defined Benefit Pension Program (PPMP) berhak mendapatkan pendidikan kewirausahaan dari Perusahaan
2. Fined Contribution Pension Prgram (PPIP) sebagai bekal untuk memasuki masa pensiun. The number of BRI
3. Old Age Allowance Program (THT) employee who registered in the pension program until December
4. Ld Age Guarantee Program (JHT) (BPJS Ketenagakerjaan) 2023 was 1,545 employee
BRILiaN Apps
In line with BRIvolution 2.0’s aspirations in the field of human as well as to improve employee experience in the form of virtual
capital (HC), to become a Strategic Business Partner and Home assistance for Insan BRILiaN, BRIStars is transforming into
to the Best Talent, HC management in each cycle (from attract to BRILiaN Apps. Not only as an Employee Self Service platform for
retire) at BRI is currently supported by systems and technology. all forms of HC services, BRILiaN Apps is equipped with artificial
This aims to provide easy access and create a comfortable intelligence technology (Gen AI), and will gradually become a
employee experience for BRI Employees (Insan BRILiaN) to Virtual Assistant for Insan BRILiaN.
provide their best performance.
Currently BRILiaN Apps has 6 main features, namely, Notification
BRIStars is HC Super Apps owned by BRI, supported by more Assistant, Information Assistant, Profiling Assistant, Chat-bot
than 30 applications that digitize the entire HC business process Assistant, Performance Assistant, and Service Assistant.
cycle. In order to move towards transformation in the HC sector,
Notification Assistant Feature Information Assistant Feature
The first feature is the Notification Assistant feature designed to The second feature is the Information Assistant feature which
collect notifications from all applications at BRI, then BRIGita as provides assistance to provide all the information that employees
the Virtual Assistant on BRILiaN Apps will summarize and inform need, including access to the required applications, information
Insan BRILiaN. and provisions from BRIPedia and information and provisions
regarding HC. Not only that, the latest information and news
related to the company (BRILiaN News) can also be accessed and
searched through this feature
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Business Support
Functions Overview
Profiling Assistant Feature Performance Assistant Feature
The third feature is the Profiling Assistant feature, a feature that The fifth feature is the Performance Assistant feature, a feature
assists in screening worker profiles including: that will provide assistance regarding all the work that employees
1. Talent Cluster, this profile provides information on must do daily (task list management) which comes from various
employees’ quadrant positions based on the performance applications at BRI. This feature will help employess to provide
score index with assessment results through a 9-box matrix. optimal performance and meet the given annual targets. Some
Team member talent clusters can be accessed by each of the functions in this feature include performance dashboards,
team leader as an illustration of the required development task list management, collaboration tools, and team member
program. monitoring.
2. Health check-up, this profile provides an overview of the
screening results of employees’ health risk levels for chronic
diseases (heart disease, stroke, diabetes mellitus, cancer and Service Assistant Feature
chronic lung disease).
3. Mental health, this profile provides an overview of the
screening results for employees’ mental health risk levels
such as levels of stress, depression, anxiety and bipolar.
4. Financial check-up, this profile provides an overview of the
results of screening the health level of employees’ financial
management such as savings ratio, assets to debt, ability to
pay debts, ability to pay installments, and solvency ratio.
Chat-bot Assistant Feature
The last feature is the service assistant feature, this feature
makes it easy for Insan BRILiaN to access all HC services. HC
services from recruitment to retirement can be accessed on one
BRILiaN Apps platform
The fourth feature is the Chat-bot Assistant feature, a feature
that Insan BRILiaN can use as a means of asking questions and
conveying aspirations about HC. This feature will strengthen
BRILiaN Apps as a virtual assistant platform for employees.
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Culture Internalization
Performance Summary of the Change Management & Transformation Office Directorate
BRI Corporate Innovation Management - EMBRIO EMBRIO Framework 2023
Corporate Innovation Management has a crucial role in In contrast to the previous implementation of EMBRIO,
securing the future of the banking industry amidst rapid currently innovation must be implemented for a minimum
changes and global market dynamics. Changes in consumer of 1 (one) month and the resulting impact can be
behavior that tend to switch to digital banking services measured. EMBRIO helps innovators to improve the quality
require a proactive response from banks. Through EMBRIO of innovation and oversees the scale-up process of the
as part of Innovation Management, BRI can integrate benefits that have been felt.
the latest technology to increase operational efficiency,
automate routine tasks, and design better user experiences. Innovation Capability Building
In addition, EMBRIO allows companies to continue Through targeted training and development programs,
developing new products and services that better suit innovators can be empowered to identify innovative
customer demands, such as future banking services, digital opportunities, overcome complex challenges, and
payments and customer service. implement creative solutions. In addition, effective
Innovation Management includes an organizational
In addition to operational efficiency aspects, EMBRIO culture that supports experimentation, the courage to
wants to implement new business processes while ensuring take risks, and collaboration between teams to contribute
compliance with ever-evolving regulations. Supported to improving innovation capabilities holistically. In this
by BRI Management who is committed to involving ideas way, capability building within an innovation management
from Insan BRILiaN (BRI employees) in carrying out the framework not only improves technical skills, but also
transformation plan, Embrio has become a BRI innovation fosters an innovative mindset that is vital for long-term
laboratory where Insan BRILiaN can express their innovative success in facing ever-changing market challenges.
ideas to support the formation of new growth engines at
BRI.
Pendaftaran & Seleksi Scale Up & Review Rewards & Awarding
Embrio 2023 Screening 1 on 1 Scale-up Final Review BEA Best
Submission awal dan dengan calon Inovasi Inovasi penilaian Submission Innovator BRI
Validation Innovation yang lolos dan review Pengajuan Excellence
Owner untuk akan dilakukan atas inovasi tim inovator Awards 2023
mendapatkan scale up, oleh dari seluruh sebagai Finalis
akseptansi dan Divisi terkait. ide inovasi BEA
scale up yang telah
memenuhi
kriteria scale
up
BRI’s transformation has 2 (two) main transformation focuses, creating a productive and dynamic work environment and in order
namely Digital and Culture (Corporate Culture). BRI places to support BRI’s consistent and measurable transformation, the
Corporate Culture as one of the foundations for achieving the BRI Group has carried out various internalization efforts and Work
Company’s Vision and Mission and is part of its strategy. Realizing Culture initiatives.
the importance of shaping employee character and behavior and
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Business Support
Functions Overview
Internalization and Initiative Implementation of Work Culture
Throughout 2023, BRI carried out several initiatives and internalized work culture through development in accordance with the BRI One
Culture framework. BRI One Culture aimed to form a performance driven culture (performance-based corporate culture) to encourage
productivity which impacted optimal business performance. There were 4 (four) main areas in the implementation and internalization of
BRI One Culture to create a Performance Driven Culture, which consisted of:
Every Insan BRILiaN understood the company’s core values and Namely the company provided tools and a monitoring system
behaviors. BRI focused on internalizing and strengthening core in terms of managing Work Culture so that it could be more
values and work culture artefacts. With the internalization of systematic. BRI’s focus was on building a culture management
the main values, it was expected that each work unit could be system in terms of policies, business processes, control systems
led by a leader who cared about the internalization of BRI’s work or performance measurement systems. The existence of this
cultural values to shape the actions and behavior of employees in system was expected to encourage BRI personnel towards
accordance with BRI’s Core Values. behavior that is in accordance with BRI’s Core Values.
Strengthening Management
BRI Values System
1 4
“I Understand” “I Have System”
BRIONE
CULTURE
“I See It” “I am Capable”
2 3
Promoting Competence &
Role Model Skill Development
With the Coordinating Culture Agent and Culture Agent led by Became the development of employee skills and competencies and
all Work Unit leaders as BRI Culture Leaders who were able to material related to the internalization of Work Culture integrated
become role models and serve as examples and role models for in every Employee Development Program (BFLP, BLDP, BGLP, and
all Employees. others). BRI focused on efforts to develop competencies and skills,
to ensure that the competencies of leaders and employees were
aligned with BRI’s Work Culture (Culture Fit).
1. Strengthening BRI Values: every Insan BRILiaN understood the company’s core values and behaviors. BRI focused on internalizing
and strengthening core values and work culture artefacts. With the internalization of the main values, it was expected that each work
unit could be led by a leader who cared about the internalization of BRI’s work cultural values to shape the actions and behavior of
employees in accordance with BRI’s Core Values.
2. Promoting Role Model: with the Coordinating Culture Agent and Culture Agent led by all Work Unit leaders as BRI Culture Leaders
who were able to become role models and serve as examples and role models for all Employees.
3. Competence & Skill Development: became the development of employee skills and competencies and material related to the
internalization of Work Culture integrated in every Employee Development Program (BFLP, BLDP, BGLP, and others). BRI focused on
efforts to develop competencies and skills, to ensure that the competencies of leaders and employees were aligned with BRI’s Work
Culture (Culture Fit).
4. Management System: namely the company provided tools and a monitoring system in terms of managing Work Culture so that it
could be more systematic. BRI’s focus was on building a culture management system in terms of policies, business processes, control
systems or performance measurement systems. The existence of this system was expected to encourage BRI personnel towards
behavior that is in accordance with BRI’s Core Values.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 419
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Internalization of Akhlak In BRI Group
Behavior Results and
Initial Stage
1 Change Stage 4 5
(Initial) Impact Stage
(Behavior Change)
Building Awareness and AKHLAK have been reflected in Acceptance of AKHLAK has
Understanding positive behavior produced results and received
recognition
Program Program
Program
Communication Conscious application
by leaders of AKLAK in The impact of
Formation of daily activities organizational change
Change Agents is reflected in increased
Cultural Introduction Company performance
Program • Call for AKHLAK by all employees
every day at morning briefings in all
work units. 2021
• AKHLAK Talk (Onsite & online • Sharing Inspirational AKHLAK • Human Capital Management
socialization) Stories every day in turns. Excellence Award (Brandon Hall
• BRILLIAN Leadership Insight • BUMN AKHLAK Implementation Group) 2021
• Formation of Culture Team (CL, Survey
CAK, CA) 1:10 • Culture Barometer Survey 2022
• Culture Team Development (Online • Employee Engagement Survey • The 1st Rank Top Five of Indonesia
& Onsite) Best Companies in Creating Leaders
• E-learning Implementations OF from Within 2022 (SWA & NBO)
AKHLAK • The 1st Rank Top in Banking Sector
Acceptance Stage
• AKHLAK Awareness Campaign 3 of Indonesia Best Companies in
(Acceptance)
(Social media, Bristars) Creating Leaders from Within 2022
(SWA & NBO)
Accepting and • 2022 Brandon Hall Group
Intervention Stage
2 Supporting Morals Excellence Award
(Intervention)
• HR Asia Best Companies to Work
Program For in Asia 2022 and HR Asia Most
Planned behavior changes, caring Company (We Care)
in line with AKHLAK Internalization and
Implementation of AKHLAK
2023
through communication
media & cultural programs • Best CEO (Sunarso) - Gold and
Program
Other Finance Asia. Asia’s Best
Leadership Commitment Companies 2023
Management System • AKHLAK Campaign via social media • HR Asia Best Companies to Work for
Alignment and BRIStars (Video, poster, quiz) in Asia 2023 and HR Asia Diversity,
Symbol Alignment • AKHLAK Competition (Video, Equity & Induction Award 2023
Photo, Quiz, Reels, Tiktok etc.) • Best in Current Accout Offering &
• Culture Activation Program (CAP) Highly Commended - Excellence
• BOM Workshop: Commitment to Behavior work unit program in Mass Affluent Banking 12th
Implementing AKHLAK encourages performance excellence. Infobank Digital Brand Awards 2023
• AKHLAK Town Hall Meeting • Check implementation of akhlak • Diamond Total Service Quality
• Determination of Symbolic Act • AKHLAK Coaching Clinic Satisfaction Based on Customer
Leader and Behavior Guidelines for • Greet the Culture Agent Perception Survey SQ Index Global
each function • Culture Agent Forum Private Banking Innovation Award
• MyCore: AKHLAK part of 2023
Performance Management
• BRIlliance: Recognition Systems for
all Culture Agents
• Work Culture Portal: Supporting
system for AKHLAK implementation
(GCG Online, Innovation Portal, CAP
Monitoring, CA database)
• AKHLAK Totem at Kanpus &
Installation of Posters in all work
units throughout Indonesia.
PT Bank Rakyat Indonesia (Persero) Tbk.
420 2023 Annual Report
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Business Support
Functions Overview
Culture Activation Program Team consists of a Culture Leader (CL), Culture Agent (CA), and
Culture Agent Coordinator (CAK) whose role is to ensure the
In implementing a performance-driven culture (Performance success of the culture program which encourages behavior to
Driven Culture), during 2022 all BRI Work Units, both at the Head improve performance.
Office Division level down to the Branch Offices, designed and
implemented a Culture Activation Program (CAP). This Program BRI Excellence Awards
is an initiative program related to Work Culture that had an
impact on performance achievement in each Work Unit. The The BRI Excellence Awards became a form of appreciation
Culture Activation Program (CAP) was initiated and designed by given by BRI to employees and BRI Work Units who consistently
each Work Unit and was a joint commitment in the Work Unit. provided their best performance. In 2023, there was a Best
Culture category for the Work Unit level as well as Best Culture
Agent and Best Culture Leader for the Worker level.
Culture Team
BRI’s Culture Transformation Journey
In order to optimize the management of BRI Corporate Culture
and the implementation of BRI One Culture in Work Units, an BRI’s Cultural Transformation Journey covered a number of
active role is needed from the Culture Team to become a role activities and programs carried out to support transformation to
model in internalizing BRI’s work culture values. The Culture encourage achievement Performance Driven Corporate Culture.
2016-2017 2018-2019 2020-2022 2023
Strengthening Culture
BRILiaN Implementation through
Core Values AKHLAK
(BRI Lima Nilai) Launch as Sharpening Capability
Internalization BRI One Culture
Core Values Building
• Integrity Culture Transformation Core Values Launch, BRILiaN Define behavioral guidance in each
• Professionalism Movement Belief, and 8 Main Behaviors function, Culture Activation Program
• Trust (BRILiaN Ways) enhancement, Leaders Capability
• Innovation Building program, and strengthening
• Customer Centric BRI One Culture infrastructure.
2016-2017 2018-2019 2020-2022 2023
BRI launched BRILiaN as Core Internalization of Core Responding to Covid Enhancement of
Values which is accompanied Values through the Culture continued at the beginning strengthening the Culture
by an artifact builder to Transformation Movement of the end of the pandemic Activation Program in work
support the internalization and through the development through the implementation units (business, support,
and employee awareness of culture tools (policy, of the Core Values AKHLAK, operational risk and service
process (BRILiaN Logo, wellbeing: BRI Community, BRILiaN Belief, and BRILiaN excellence), strengthening
Gesture, Symbol, Campaign) BRILiaN Center, and Culture Ways. Strengthening culture sales culture & capability.
Program). internalization through HC
Culture Program Stream (recruitment, HC Dev, Culture Program
BRILiaN Shine, BEA, Culture Program Performance Management, CAP enhancement and
Sportartcular, CA Campaign, BRILiaN Rookie Buddy, Culture and others). monitoring of all Branch
Symbolic Activation Policy: CA&CL, ToT CA, Data Offices, Risk Culture, Branch
Mindset, BRI Xtraordinary, and Culture Program Office Head bootcamp,
others. New way of working, Culture BRILiaN Transformation
Activation Program, Micro Leaders Program,
Excellence, BRIGade Madani, Alignment of Culture All PA
BRILiaN Fight Covid, BRILiaN infrastructure.
Sahabat UMKM
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Human Resources Management Structure
The BRI Human Capital management organization consists of 2 (two) Divisions under the direct supervision of the Human Capital Director
and 2 (two) Divisions under the supervision of SEVP Human Capital Strategy. The Director of Human Capital supervises SEVP Human
Capital Strategy with division management divisions, namely, the Human Capital Business Partner and BRI Corporate University Division
under the Director of Human Capital as well as the Human Capital Strategy & Policy Division and the Human Capital Development
Division under SEVP Human Capital Strategy.
The Human Capital Strategy & Policy Division was responsible for developing Human Capital strategy and planning. In addition, the
Human Capital Strategy & Policy Division was also responsible for managing reward policy strategies and managing labor costs, employee
governance, individual performance management, and human capital communication. The Human Capital Development Division focused
on strategic and operational resourcing & assessment as well as career and people development. The Human Capital Business Partner
Division was responsible for implementing / human capital business partner, regional human capital business partner, career & succession,
human capital information systems and people analytics, industrial relations operations, and reward operations. BRI also owned a Corporate
University Division which was responsible for managing education and training activities with the corporate university concept.
The organizational structure of the Directorate of Human Capital can be described as follows:
HUMAN CAPITAL
DIRECTORATE HUMAN CAPITAL STRATEGY
SUB DIRECTORATE
HUMAN CAPITAL HUMAN CAPITAL
BUSINESS PARTNER DIVISION STRATEGY DIVISION
HUMAN CAPITAL
BRI CORPORATE UNIVERSITY
DEVELOPMENT DIVISION
Human Capital Work Plan 2024
Human Capital Development
Business Growth Conditions in 2024 will face significant challenges through identifying a comprehensive task list to capture the
due to rapid digital transformation, global economic uncertainty potential for automation or diversion to technology, especially
as well as changing regulatory dynamics and various other global for repetitive and administrative processes, so that it can free up
and national conditions which ultimately also have an impact the time of existing employee to be more efficient and divert it to
on BRI’s human capital management strategy. In line with the other work that is more strategic and has added value. In 2024,
direction of business development, in 2024 BRI’s Human Capital this process will still be ongoing in both support and business
management will still focus on encouraging worker productivity, work units, including the implementation of BRI’s human capital
especially to support the CASA strengthening strategy, including business processes so that management is expected to be more
through a program to increase worker capability, especially effective and efficient.
for marketers and micro staff to support the Micro Human
Capital Reengineering initiative, strengthening performance On the other hand, programs to increase employee capacity
management, continuing efforts to optimize and automate and capability are also the main focus which are implemented
business processes through the implementation of strategic through the implementation of innovative competency-based
workforce planning, as well as optimizing the contribution learning programs accompanied by strengthening coaching and
of subsidiary companies through the implementation of mentoring programs in the process of sustainable individual
standardization of Human Capital management within the BRI performance management. The focus on increasing these
Group. capabilities is primarily directed at marketers and micro staff
to support the implementation of the Micro Human Capital
The implementation of BRI’s strategic workforce planning project Reengineering initiative as well as increasing the leadership
is planned to continue in the next few years, one of which is the capabilities of work unit leaders so that they are able to direct
Reinventing Job process, which is a job reconstruction process and lead the achievement of the Company’s business goals.
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422 2023 Annual Report
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Business Support
Functions Overview
Furthermore, in order to support the Company’s aspirations by BRI Parent and each subsidiary company in accordance with
to grow inorganically by strengthening and optimizing the the human capital management roadmap prepared towards the
contribution of Subsidiaries, the Company will implement Synergy ideal conditions expected in 2025. In addition, improvements
Implementation of subsidiary companies, one of which is through to the sustainable performance management system at BRI are
standardizing human capital management within the BRI Group. also implemented through various efforts that include adjusting
This was done after previously carrying out a maturity assessment performance management policies and provisions according to
to capture the existing conditions of human capital management current challenges and conditions, developing a more reliable
in each subsidiary company. Based on the results of this support system and various efforts to maintain harmony in the
assessment, various strategic initiatives will then be implemented implementation of performance management in the BRI Group.
Information
Technology
SUMMARY OF DIGITAL AND INFORMATION TECHNOLOGY DIRECTORATE
Guided by the “GREAT” framework (an acronym for Utilizing Artificial Intelligence (AI), Sabrina continued to
Grooming breakthrough innovation, Resilient IT platform, be at the forefront of customer handling by serving 55.6
Excellent data-driven organization, Agile 10x governance, million messages entering the BRI contact center during
and Transformation of digital talent) as part of the 2021- 2023. Sabrina also had a service satisfaction level of 69.8%,
2025 Information Technology Master Plan, BRI has an increase from 57.7% in in 2022.
achieved several things to be proud of in 2023. These
various achievements have helped support BRI to achieve In terms of operations and infrastructure, our three data
extraordinary achievements in 2023 while preparing digital centers also provided a reliable foundation, proven by the
platforms that can and will continue to support business 3 (three) Tier III certifications obtained from the Uptime
growth in the following periods. Institute, namely Tier Certification of Design Documents
(TCDD), Tier Certification of Construction Facilities (TCCF),
During 2023 BRI recorded extraordinary figures for the and Tier Certification of Operational Sustainability (TCOS).
growth of digital transactions, where 98.95% of our total In terms of operations and infrastructure, our three data
transactions were carried out digitally, and the remaining centers also provided a reliable foundation, proven by
1.05% of our total transactions were carried out in our the 3 (three) Tier III certifications that BRI obtained from
branches or work units. Apart from the figures above, BRI’s the Uptime Institute, namely Tier Certification of Design
Digital & IT Directorate also succeeded in recording several Documents (TCDD), Tier Certification of Construction
achievements for 2023. Facilities (TCCF), and Tier Certification of Operational
Sustainability (TCOS).
BRImo became one of the applications with new user
growth of 32.6%, total transactions and transaction Apart from that, in 2023 BRI carried out an IT Maturity
volume increased by 69.2% and 55.8% in 2023. In terms Assessment in accordance with the mandate of the
of infrastructure, BRImo could also maintain availability at Ministry of SOEs with a score of 4.66 out of 5.00 points
99.98%, and the success rate was 99.96%. based on COBIT 2019 best practice. BRI has also proven
its digital maturity capabilities with Level 2 achievements
The growth in the use of our open API, BRIAPI has been (score 80.50 out of a total of 100), in accordance with the
utilized in more than 23 types of digital ecosystems with Financial Services Authority assessment guidelines.
more than 1,000 total partners.
PT Bank Rakyat Indonesia (Persero) Tbk.
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Information Technology Strategic Plan
Themes 2021-2022 2023-2024 2025
Platform Founddations for Omni-
Groom Seamless Hyper-personalized
channel and Personalization Optimize open banking and
Breakthrough Experience and tailored
Automation CoE enabling emerging digital ecosystem
Innovation product
Automation@scale across BRI
EAM function to align Composable architecture
Resilience IT Next-gen Platform Capabilities
architecture requiments with enabling Secure, Reliable, and
Platforms to Drive Business Growth
business aspirations Agile Infrastructure
Excel Data Analytics@scale capabilities Best-in-class Data & Analytics
Robust Data Privacy and
- Driven through enhanced BRIBrain Capabilities Driving Cross-sell
Protection
Organization team and Targeting
Squad-based Organization and Fully Product-based Delivery
Agile 10x Agile CoE enabling Agile@scale
DevSecOps-based Approach for model with leading Agile
Governance operating model and governance
Critical Products / Journeys Practices
Digital talent war room to make
Distinct Employee Value Digital Native Culture with
Transporm BRI Home of Best Digital Talent
Proposition to Attract Best Future-Ready Skillsets and
Digital Talent Detailed Organization assessment
Talent Competencies
to design IT org of future
BRI’s Digital & Information Technology Strategy was prepared referring to BRIvolution 2.0 and prepared based on the GREAT framework
for the 2021-2025 period with the following details:
1. Groom Breakthrough Innovation: In 2021-2022 BRI built an 2024 BRI will continue to improve AI (Artificial Intelligence)
omnichannel platform and adopted automation in several capabilities in platform development at BRI, and in 2025 it
business processes; in 2023-2024 it will focus on optimizing is expected that BRI will become The Best in Class Data &
open banking and building a digital ecosystem, and in 2025 Analytics in increasing BRI Cross-selling.
it will improve customer experience by focusing on next-gen 4. Agile 10x Governance: In 2021-2022 BRI created an agile
open banking. operating model and governance, in 2023-2024 BRI will
2. Resilience IT Platform: In 2021-2022 BRI implemented focus on agile DevSecOps with a critical product or journey
Enterprise Architecture Management (EAM) with the aim of approach, and in 2025 it is expected that BRI will produce fully
aligning IT architecture with business needs, and in 2023- agile products.
2024 it will focus on implementing a safe, reliable and agile 5. Transform Digital Talent: In 2021-2022 BRI became Home To
composable architecture, and in 2025 it will focus on next -gen The Best Talent in the Digital Talent War Room, in 2023- 2024
platform aimed at business growth. BRI will focus on Employee Value (EV) so that it can attract the
3. Excel Data-driven Organization: In 2021-2022 BRI owned best IT talents and in 2025 BRI can focus on development BRI
a robust data privacy and data protection system, in 2023- talents become Digital Native.
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Business Support
Functions Overview
In 2023, BRI’s Digital & Information Technology Directorate focused development on 3 (three) focus areas with the theme Composable
to the Power of ( ), as follows:
1. ComposableX Resilliency: BRI focused on developing IT 2. ComposableX Open Banking: BRI focused on developing open
infrastructure increasingly reliable in supporting business banking capabilities and digital ecosystems through BRIAPI
services and operations, achieved through several advanced as BRI’s open API.
initiatives, namely the Active-Active Data Center strategy, 3. ComposableX AI/ML: BRI focused on developing AI/ML on BRI
adopting Cloud Infrastructure, adopting Automation to superapps in several support functions including customer
increase efficiency and productivity, and implementing engagement, credit underwriting, anti-fraud & risk analysis,
composable architecture in system development IT. smart services and operations.
Digital & IT Achievements in 2023
Digital Channel Branch
98.95% vs 1.05%
Throughout 2023, BRI succeeded in recording achievements in 2. ComposableX Open Banking
the field of digital development as evidenced by 98.95% of total Development of Open Banking and digital ecosystems
transactions carried out through Digital Channels. This is of course through expanding the use of BRIAPI with a total of 123
far from the 1.05% of transactions carried out through branches API products being offered and utilized in more than 23
and/or tellers. This figure illustrated the shift in platform choices types of digital ecosystems with a total of more than 1000
used by customers in their daily transaction activities. collaboration partners
In terms of developments in the number of transactions, BRImo 3. ComposableX AI/ML
succeeded in increasing total transactions and transaction Good data management became one of BRI’s focuses, the use
volume by 69.2% and 55.8% compared to the previous year’s of Artificial Intelligence (AI) through BRIBRAIN contributed
period. On the Ceria digital lending platform, the number of to business through recommendations for targeted customer
customers and sales volume increased by 86% and 113% from and merchant acquisition. This was shown by acquisitions
the previous year period. in the SME and Micro sectors which increased by 328% and
253%.
Apart from these achievements, the achievements of the BRI
Digital & Information Technology Directorate in 2023 were 4. Excellence Enablers
described based on 3 (three) development focus areas as follows: In terms of Information Technology Governance, BRI carried
1. ComposableX Resilliency out an Information Technology Maturity Assessment (IT
During 2023, the IT Resilience area recorded availability Maturity Assessment) and Digital Maturity Assessment. BRI
achievements, namely, BRImo’s availability level was 99.98% succeeded in reaching the Information Technology Maturity
with a success rate reaching 99.96%. The BRISPOT system level with a score of 4.66 out of a total score of 5.00 based on
achieved 99.99% availability with a success rate of 99.99%. COBIT 2019 best practice.
Meanwhile, for the NDS application, BRI managed to record
availability of 99.99% with a success rate of 99.98%. Apart from that, BRI also achieved Level 2 achievement (score
80.50 out of a total of 100) in accordance with the assessment
guidelines issued by the Financial Services Authority.
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Digital Maturity
BRI Digital
Maturity 2023
80.50
Governance 86.46 Technology 85.29 19.50%
Governance 75 Data 83.62
MR 80 Collaboration 86.11
100%
Cyber Security 82.5 Consumer protection 65 80.50%
IT Maturity Evaluate, Direct
4.77
& Monitor
Monitor, Evaluate
Align, Plan &
& Assets
Organize
BUMN Targets:3/5
4.59 4.57
IT Maturity BRI 2023:
40 control objectives Deliver Service Build, Acquire
4.66/5 & Support & Implement
4.59 4.76
Development of Information Technology
Services
Access BRImo abroad Open Ecosystem
BRI always innovated to improve services and provide a good BRI also expanded its services through collaboration with third
user experience for customers, not only at home but also parties to make it easier for people to access banking facilities
abroad. Through the BRI account opening feature abroad via without being tied to BRI’s channels. Since 2019, through the
BRImo, Diaspora and/or Indonesian Migrant Employee could launch of BRIAPI, BRI carried out its role in improving the digital
easily carry out financial transactions using their local cellphone ecosystem and financial inclusion throughout Indonesia.
number/SIM Card. As an initial stage of launching this service,
it accommodated BRI account openings using mobile numbers BRIAPI innovation development continued to be carried out in
from Japan, South Korea, Hong Kong, USA, Saudi Arabia, UAE, various aspects, one of which was the number of API products
Kuwait, Malaysia, Taiwan, Singapore, Timor Leste and continued offered. In 2023, there were 123 Open API products that could
to increase in the future. be integrated, an increase of 112 products compared to the end
of 2022. This made BRI the largest provider of Open API products
Apart from that, BRI also expanded cross-border transaction in Indonesia, with details of 20 Transactional Open API products,
services through the International Transfer feature and the use and 103 Informational Open API products implemented more
of QRIS abroad. The International Transfer feature made it easy than 23 types of digital ecosystems with more than 1,000 total
to send money from rupiah savings immediately converted into partners.
foreign currency according to the needs of recipients abroad.
Meanwhile, the use of QRIS abroad, in its initial stages in In 2023, BRIAPI’s performance experienced an increase in sales
Singapore, made it easier for BRImo users to make payments at volume of 43% compared to 2022. Meanwhile, fee based income
merchants without the hassle of currency conversion. (FBI) and the number of transactions generated by BRIAPI
increased by 126% and 112% respectively during 2023.
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Business Support
Functions Overview
BRIAPI Product
Virtual Account BRIZZI Co-branding CC
Product
Fund Transfer Internal Direct Debit Account Information
Fund Transfer Ekternal BRIFAST Account Statement Etc..
Transactional
20 Product
Informational
103 Product
Fintech &
Transportation IT Solution Payments E-commerce
Education MSMEs Insurance Governance
Cooperative BUMN Logistic Others
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Sabrina developed by BRI to provide easy service The number of messages sent by users
and information to customers and potential to Sabrina was recorded at 55.6 million
customers. Sabrina can help customers during 2023, an increase from 19.12
get product information, promotions and million messages in 2022. The average
the location of the nearest BRI ATM/Work number of user questions that could not
Unit. be answered (or so-called fallback rate) by
this virtual assistant continued decreasing
Sabrina has been integrated with BRImo from 29.46% in 2022 to 17.8% in 2023.
so that customers can find out account This good performance was supported by
balance information and account mutation a satisfaction survey where 69.8% of users
information through Sabrina. Sabrina is stated they were satisfied with the services
also one of the frontliners in facilitating provided. This figure increased from the
customer questions and complaints previous figure of 57.7% obtained in 2022.
Sabrina is a virtual assistant based on regarding banking services provided by Until now, Sabrina has become the favorite
artificial intelligence (AI) technology BRI. channel for users to make contact with
BRI.
Information Technology Infrastructure
Architecture of Information Technology
In line with the Information Technology Strategic Plan, BRI has an Information Technology Architecture as a basis for developing IT-based
services. BRI’s IT architecture was prepared by considering aspects of business needs, data, technology, security, as well as applicable
global frameworks and standards. Apart from that, BRI has also implemented Enterprise Architecture Management (EAM) which aims to
enable resilience, business agility and fit-for-purpose to accelerate time-to-market and customer resilience.
Active-active Data Center and Cloud Adoption
IT infrastructure has the duty and responsibility to manage and maintain the availability and reliability of the entire communications
network of the three BRI Data Centers. The three Data Center locations owned by BRI are connected to each other via DWDM (Dense
wavelength-division multiplexing) link services. The DWDM service is configured with a Triangle topology using a router device as a
termination at each Data Center location, so it is hoped that an optimal configuration could be obtained. Currently, the link between Data
Centers is used for various types of data transmission between Data Centers, including transaction traffic from BRI work units, back-up
and replication traffic, and also includes traffic between applications that communicate with each other between different Data Centers.
The three BRI Data Centers have also received 3 Tier III certifications from the Uptime Institute, namely Tier Certification of Design
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Functions Overview
Documents (TCDD), Tier Certification of Construction Facilities To increase application resilience, BRI also implemented
(TCCF), and Tier Certification of Operational Sustainability activeactive critical applications and infrastructure, so that
(TCOS). The design certificate (TCCD) is upgraded after the several critical BRI applications can run actively in at least 2 (two)
facility obtains the TCCF certificate. The facility certificate (TCCF) Data Centers owned by BRI. Currently the applications that have
remains valid as long as the configuration in the Data Center does been live in three DC BRI include BRImo, BRILink, NDS, BRIVA,
not change. Renewal is only required for TCOS certificates, which ibbiz, BRIAPI, CMS, dan EDW In the future, other applications will
is done every 3 (three) years. be implemented.
DC I DC II
DC
III
In addition to implementing Active-active Data Centers at its three DCs, BRI is also committed to maintaining service availability and
scalability through the use of the cloud. Utilizing the cloud helps increase BRI’s flexibility in terms of partnerships and time to market.
Application modernization in the form of container-based also continues to be carried out to encourage mass cloud adoption in the BRI
application environment. To date, BRI has 12 applications that are live in the cloud.
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BRI also continues to support environmental sustainability best practices, and build a centralized and complete IT asset
commitments through Environmental, Social and Governance information repository in order to support “Audit Readiness” and
(ESG) elements by maintaining efficient energy utilization in our “Data-Information Security” solutions.
Data Center operations. In 2023, BRI recorded a Power Usage
Effectiveness (PUE) index of 1.46 and 1.56 on a scale of 3 at the Adequate asset management can be used to mitigate security
Efficient level. This shows that the Data Center operations carried risks, reputation risks and financial risks caused by unreliable
out by BRI have been running with efficient energy utilization, inventory, suboptimal asset utility, or the potential for
thereby providing operational and environmental benefits. inappropriate procurement implementation. Based on this,
it is necessary to utilize an adequate IT asset management
IT Asset Management (ITAM) and system, integrated reliably and safely, in order to increase the
Configuration Management Database (CMDB) effectiveness and efficiency of BRI’s IT services as well as to
Technological developments enable BRI to carry out better implement risk management and IT asset management data that
performance transformations in carrying out operational activities is accountable, accurate and complete.
at BRI. To support this, both in terms of governance support, IT
operations, and security support, accurate, comprehensive and Furthermore, the implementation of an IT asset management
adequate information technology asset management is needed. system is necessary in order to prepare the maturity level for
By implementing an IT asset management system, companies BRI’s IT asset management to gain recognition for international
can build IT asset visibility, maintain physical accountability of best practice standards such as ISO 55001:2018 or ISO 19770-
IT assets, allocate IT assets efficiently and productively, provide 1:2017.
accurate IT asset configuration status according to standards/
Two-Way Process (Push and Pull)
IT Asset Lifecycle Process Based on the ISO 55001 Framework
Configuration Management Process Based on the ISO 20000 Framework
Expected Tools
Other Unspecified Applications
Procerument Integrition with Existing Tools
Asset Creation/ Acquisition Renewal/ Disposal Asset
ICD for Maximo ICD for Maximo
1 6
IT ASSET
LIFECYCLE
2 5
Investory Discovery & Asset Monitoring and
Dependency Mapping Maintenance
3 4
ICD for Maximo Mendix App ICD for Maximo
ITAM Tools
Investory Discovery & Configuration
Dependency Mapping Management
BMC Helix BMC Helix
ITSM
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Functions Overview
Information Technology Governance
Data Management Data Platforms that BRI has is Big Data Platform, Enterprise
In the digital era, data is the new oil. Therefore, BRI continues Data Warehouse and Master Data Management used in data
to improve its capabilities in Big Data and AI. In this regard, BRI management.
has carried out several initiatives to achieve an Excel Data-driven
Organization, including implementing Master Data Management Support for data modeling or other data analytics for BRI’s
to strengthen BRI’s capability in managing Big Data as part of the frontend or business applications is fulfilled with services owned
BRI Group. In addition, BRI also continues to strengthen the use of by the Data Hub, which can provide product recommendations
data by continuing to build Intelligent Data Analysis for Business on a cross-selling basis and through BRI customer data profiling.
Development by utilizing Big Data and AI technology. Of course, this cannot be separated from the Data Governance
and Management side, which is the pillar of the formation of a
Full support for data-driven organization at BRI is carried out by Datadriven Organization. Utilization of Master Data Management
realizing BRI which can have accurate and trusted analytics data to conduct merging customer data activities produces Golden Data
capabilities, and can be a basis for strategic and business decision CIF (Customer Information File) as a single source of truth for valid
making. The increase in data capabilities must have a strong customer data at BRI. Data Quality Criteria, Data Classification,
foundation of a reliable data platform. One of the data platforms Personal Data Protection also play an important role in improving
that BRI has is the Big Data Platform, Enterprise Data Warehouse Data Quality and Security at BRI. Increasing data security goes
and Master Data Management used in data management. hand in hand with increasing BRI customer loyalty, and increasing
investor interest in investing in BRI.
Full support for Data-driven Organizations at BRI is carried out by
realizing that BRI can have accurate and reliable data analytics The Data Management Book of Knowledge (DAMA-DMBOK) is BRI’s
capabilities, and can become the basis for strategic and business reference for continuing to improve and perfect data governance
decision making. The increase in data capability must have a to support the achievement of the Best-in-Class Data & Analytics
strong foundation, namely a reliable Data Platform. One of the initiative. There are 11 knowledge areas that form the basis of data
management policies at BRI. The 11 knowledge areas include:
Data Modeling & Design
Data Architecture Data Storage & Operations
Data Quality Data Security
Data
Governance
Data Integration &
Metadata
Interoperability
Data Warehoushing & Document & Content
Business Intellingence Management
Reference & Master Data
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 431
Page 434
In 2023, the Data Maturity measurement results obtained a value technologies to prevent access, collection, use, disclosure,
of 3.88 out of 5.00 with the measurement scope in the Enterprise unauthorized or unlawful copying, alteration, deletion.
Data Management Division. • Sustain: BRI is committed to maintaining compliance with
personal data protection regulations and continuing to
BRI committed to continuing to protect personal data through improve our personal data protection practices over time by
a series of technical, procedures and organizational policies continuing to provide training and awareness to all employee
to prevent unauthorized or unlawful access, collection, use, at both head office and branches. BRI continues to follow
disclosure, copying, changes or deletion. BRI realized that developments in personal data protection regulations to
personal data was a valuable asset that had to be protected. always adapt them to developing needs.
• Respond: BRI has cyber incident handling procedures to
BRI strived to maintain the trust of stakeholders by securing handle personal data breaches immediately and effectively.
and protecting the personal data we obtain. BRI understood the In addition, as a form of transparency regarding the
importance of privacy as a fundamental right and was committed processing of personal data, BRI has prepared and published
to complying with all applicable legal provisions, including but a privacy notice which can be accessed at the following link:
not limited to: https://bri.co.id/web/guest/privacy.
• Law no. 27 of 2022 concerning Personal Data Protection;
• Law no. 4 of 2023 concerning Development and Strengthening With this statement, BRI confirms its obligation to provide the
of the Financial Sector; best protection for the personal data we manage, and we are
• Financial Services Authority Regulation no. 22 of 2023 committed to continuing to update and improve our policies and
concerning Consumer and Community Protection in the practices in line with technological developments and applicable
Financial Services Sector; regulations.
• Bank Indonesia Regulation no. 3 of 2023 concerning Bank
Indonesia Consumer Protection; And Cyber Resilience and Security
• Other laws and regulations related to personal data
protection. BRI realizes that services from BRI are important in providing
added value to customers and stakeholders. So that disruptions
Implementation of personal data protection for every personal to services as well as vulnerabilities and leaks of customer
data processing activity in the data life cycle which included information/data from these services are unacceptable.
collection, processing, storage and destruction of personal data. Therefore, BRI is committed to protecting customer information/
Implementation of personal data protection was carried out data by supporting increased service security from cyber attacks
using the Privacy Operational Lifecycle approach: and interference.
• Governance: BBRI has a team responsible for implementing
personal data protection programs. We manage personal data In line with developments in digitalization and trends in the
based on statutory regulations and internally established development of cyber attacks, BRI has had a work unit under
policies and procedures related to Data Management, the Director of Digital Information Technology & Operations
Personal Data Protection and Information Security. which specifically handles information security since 2018. The
• Assess: BRI continually evaluates the organization’s information security work unit is led by a Chief Information
current privacy management processes and builds an Security Officer (CISO) who has related experience security and
understanding of how these processes and procedures align certifications include Certified Information Systems Auditor
with applicable best practices and compliance requirements. (CISA) and Certified Information Systems Security Professional
By implementing Gap Analysis, preparing data processing (CISSP). BRI has developed an Enterprise Security Architecture
recording activities, assessing the impact of protecting that uses the NIST Cyber Security Framework which is used as a
personal data, and data inventory & mapping. reference in developing cyber security at BRI. In line with this, BRI
• Protect: BRI has technical and organizational measures has also carried out a Security Maturity Assessment with a score
to protect personal data from unauthorized access or of 3.57 out of a maximum score of 4.
unauthorized use, including but not limited to implementing
encryption, tokenization, data loss prevention, and other
PT Bank Rakyat Indonesia (Persero) Tbk.
432 2023 Annual Report
Page 435
Business Support
Functions Overview
Identification Protection Detection Response Recovery
• Maturity Assessment • Security Governance • Security Operation • Computer Security • IT Recovery
on the Dimensions of • Awareness and Center Incident Response Orchestration
IT-Security Training • Threat Intellegence Team (CSIRT) • Strategic Post-Cyber-
• Gap Analysis and • Data Security, • Brand Protection Attack Analysis
Definition of Roadmap Account and Access
and Associated Action Management
Plan • End Point Security
• Application Security
• Network Security
• Perimeter Security
BRI has a cyber security policy that regulates information by Commercial Banks. The following is the response flow to
security bank-wide. The cyber security policy is prepared based disruptions, vulnerabilities and attacks on BRI services in the
on the international standard of ISO27001: 2013, PCI DSS, Computer Security Incident Response Team (CSIRT) at BRI,
and POJK No.38/POJK.03/2016 concerning the Application starting from pre-incident planning to post-incident evaluation
of Risk Management in the Use of Information Technology and reporting.
1 2 3 4
Plan & Prepare Detection & Reporting Mitigation Communication Monitoring Report & Evolution
Containment
Eradication Recovery
Pra Incident Response Pasca Insiden
To ensure the security of the BRI system, security aspects must BRI released system/application will be checked for security
be included in every application development process (Software quality starting from the plan or planning stage, code & build,
Development Life Cycle - SDLC) both at the design, development, testing, to the deployment and operational stages.
and system/application testing stages. Based on the SDLC, the
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 433
Page 436
Code Sec Deploy
Pl
an
Dev Ops
Operate
Build
e
as
le
Re
Pl
an
Test Monitor
BRI also implemented Mobile Apps Security technology as a transit, or when used. This was conducted with the aim of
comprehensive solution that could protect mobile applications. increasing cybersecurity maturity, preventing security incidents
The application of this technology aimed to make applications from occurring, and further enhancing security.
more resistant to cyber attacks. This solution also had a centralized
dashboard that could map attacks that occured on applications so BRI as the parent company of the BRI Group also had an important
that BRI could have visibility against attacks that could be used to role in securing BRI’s Subsidiaries, namely by becoming the
make decisions to reduce the threat of cyber attacks borne by BRI. coordinator of cyber security for 10 (ten) subsidiary companies.
This was conducted to reduce the probability and intensity of
BRI had a special function/section related to the Security attacks on the BRI Group with a broad threat landscape to reduce
Operation Center (SOC) which monitored cyber threats the digital risk of the BRI Group.
continuously (24 hours, every week, for 365 days). In monitoring
cyber security, BRI also conducted proactive monitoring through Information Security Culture
threat hunting and threat intelligence services which had been
further developed by involving international scale providers. In Showing its commitment to information governance, BRI imposes
addition, to monitor and mitigate the threat of brand abuse, BRI disciplinary actions against individuals who violate information
had a brand protection program of which job was to monitor brand security rules and where this action cause impacts to the
abuse on social media. This prevented BRI from data breaches Bank’s business. To enhance BRI employee’s awareness towards
since 2019. To manage these various technologies, BRI also had information security, BRI routinely conducts awareness-raising
a single security tool that could meet all the needs of security program through various forms and media, including:
operations, namely the Security Orchestration, Automation and 1. BRI’s internal poster and publication,
Response (SOAR) solution designed to integrate and automate 2. E-learning program for all employees,
different security tasks, processes and applications in responding 3. Webinar, open for BRI employees, and
to security incidents to strengthen the BRI SOC team. 4. Anti-phishing campaign via email.
BRI also collaborated with competent third parties to identify Sustainability of Information Technology
BRI system vulnerabilities and review BRI’s information security Services
independently in the form of vulnerability assessments,
penetration tests and cyber-attack simulations (red team). BRI The potential for damage, disruption or non-functioning of
implemented security strengthening at 3 (three) Data Centers so information technology infrastructure due to things that cannot be
that it could provide more comprehensive security in carrying out avoided and predicted, such as disasters, infrastructure disruptions
its commitment to maintain cyber security. can occur at any time without being predictable. Disasters also
have several criteria, namely they can be natural disasters, human-
With the ratification of Law no. 27 of 2022 concerning Protection caused disasters and disasters due to system failure.
of Personal Data, BRI also developed Data Security Governance
as a reference for BRI in organizing the prevention of customer Disasters that occur can result in information technology
digital data from changing hands to unauthorized parties, infrastructure being unable to operate or function, thus greatly
whether intentional or not, when the data was in storage, in affecting the company’s operations and business activities.
PT Bank Rakyat Indonesia (Persero) Tbk.
434 2023 Annual Report
Page 437
Business Support
Functions Overview
With the very large number, size and value of transactions, bank Active-Active Data Center (AADC) configuration requires network
operations are very important and must be maintained even if architecture, storage, networking, computing, and virtualization
a disaster occurs. If not handled specifically, the Bank will face components as well as application components that work
risks such as operational risk and reputation risk which will have together. The availability and operation of the application in
an impact on reducing the level of customer trust in the Bank. To the event of an infrastructure failure in one of the Data Centers
reduce the impact of disasters or disruptions, careful planning is a key factor. The recovery plan is created and prepared well
and disaster recovery efforts are needed. so that it is strengthened by a document that describes the
mapping between the current condition of the application
BRI’s current strategy to increase the resilience of IT systems to and the infrastructure mapping required to fulfill the planned
disasters is by having 3 Data Centers that are actively configured architecture as well as the test implementation plan. which is
to maintain availability when a disaster occurs. This also supports done consistently.
the implementation of service-based Disaster Recovery Planning
where the DC configuration uses an active active configuration.
Information Technology Management Structure
Digital Directorat and
Information Technology
Sub - Directorat
Operation
Application Digital Banking Enterprise Data
IT Strategy & IT Infrastructure & Information
Management & Development & Management
Governance Division Operating Division Security Division
Operation Division Operation Division Division
In providing the best Information Technology services to support the operational side of the Bank’s business, the Digital Technology and
Information (DTI) Directorate has six supporting divisions with • Digital Banking Development (DDB): An innovation planning
special functions, including: division, which focused on exploring and developing
• IT Strategy and Governance (ISG): It became the planning innovations based on the latest technology, this division also
and control division, which was tasked with planning IT developed AI/ML-based innovation and data management.
strategies, managing enterprise architecture, and managing • Enterprise Data Management (EDM): It was an end-to-end
all IT procedures and processes to comply with internal and data management division, and focused on initiatives related
external policies.. to data security and data privacy.
• Application Management & Operation Division (APP): This • Infrastructure & Operation (INF): It was a division that
is the development, enhancing and operating division of all focused on the operation of all infrastructure that operates
applications at BRI. in three data centers.
• Information Security (ISC): It was a division that focused on
operation information security.
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 435
Page 438
Information Technology Work Plan 2024
Fintech Credit Scorign
Collaaborations Analytics
Available & Other bank Account
Reliable APIs Opening
Customer
Engagement
1
Scalable
(with Cloud)
Credit Underwriting 2
Anti Fraud &
Risk Analytics
3
Components Cross-industry
Merchants
partnership
Decoupling
Smart Services &
Payment Leading / 4
Operations
network credit platform
Platforms/Apps/ Extending bank’s outreach Strengthening Al outcome
Infrastructure must through partnerships with effectiveness for select use
be highly available & major ecosystems (both for cases (i.e. Churn, Cross- Sell,
consistently reliable (i.e. retail and wholesale) (i.e. Upsell, Scoring)
capacity planning, MTTR at API for wholesale, deeper
1-2 Hour/Available at 99.99%, integration with BVI investee) Continuously adding useful
measured as total - achieved data sources to DataHub
per year) Explore new business model and improve data literacy
and revenue stream (e.g. of stakeholders (i.e. SSA
Focus on reducing technical Wealth Investment, Banking- adoption, BRIOne program)
debt and accelerate as-a-Service, White- label
components decoupling (i.e. Mobile Banking, Integrated Personalized interaction
in alignment with strategic SME Solutions with Majoo) with customers (i.e. Product
focus) Bundling, Robo-Advisor for
Human Centered UX, focus Wealth Planning)
Actively introducing new on daily needs through the
capabilities to provide lifecycle of customers (e.g.
end-to-end IT operational Deeplink, NLP Smart Search,
monitoring and capacity Voice Interaction, BRImo ID)
building (i.e. Cloud Adoption,
ITSM Implementation)
The role of Information Technology in supporting smooth 1. , namely maintaining and aligning
business operations is increasingly strengthening, both in the capabilities and capacities through strengthening Enterprise
form of increasing capabilities and supporting services for other Architecture, process efficiency, application integration,
work units to support sustainable business growth. Along with the increasing cyber security, as well as implementing active-
still relevance of 3 (three) development areas in 2023, namely active DC, High Availability and cloud adoption strategies to
Composable to the Power of X ( ), BRI’s Digital & increase agility, flexible resiliency and sustainability.;
Information Technology Directorate has made adjustments and
strengthening in these areas as explained below:
PT Bank Rakyat Indonesia (Persero) Tbk.
436 2023 Annual Report
Page 439
Business Support
Functions Overview
2. , namely expanding business 3. , namely encouraging increased use of
potential through the use of technology and exploring analytical data & products to support data-driven decisions
innovation through BRIAPI, as well as increasing the role in and recommendations with high accuracy through the use
the ecosystem through embedded finance and Banking-as-a- of BRIBRAIN and Master Data Management (MDM) which is
Services; extended to the BRI Group.
Fixed Assets Management
& Procurement (FAMP)
SUMMARY OF PERFORMANCE IN THE MANAGEMENT AND PROCUREMENT OF FIXED ASSETS
Fixed Assets Management & Procurement (FAMP) Presidential Instruction no. 2 of 2022, FAMP plays an active
consistently implements the Fixed Asset Management and role in increasing the use of Domestic Products in the
Procurement Architecture “FAMP Bluebook 1.0” which procurement of goods and services carried out by BRI. In
contains a structured and systematic framework, roadmap 2023, the actual use of BRI’s PDN is IDR 12,650,517,712,810
and development direction for the field of fixed asset or 95.71% of BRI’s total procurement and the use of BRI’s
management and procurement for the 2021-2025 time Domestic Component Level is IDR 9,478,769,978,001 or
period. One of FAMP’s strategic commitments which is also 71.71% of the total BRI procurement. Regarding PaDi MSME
aligned with BRI’s Corporate Strategy is FAMP Digitalization spending, in 2023 BRI will carry out 7,980 transactions for
as a form of support for the implementation of BRI’s Digital B2B with a transaction volume of IDR 194.24 billion and
First DNA. In 2023, FAMP has digitized business processes 15,974 transactions for E-Proc with a transaction volume
with applications or platforms including the following: of IDR 13,218 billion.
1. FAMP Dashboard: Online platform used for provide FAMP also consistently implements the Environment,
monitoring of the procurement process and data on Social and Governance (ESG) concept in FAMP’s work area
fixed assets owned and managed by FAMP. in accordance with Financial Services Authority Regulation
2. E-Inventory: Platform used for BRI inventory No. 51/POJK.03/2017 concerning Implementation of
management. Sustainable Finance in Financial Services Institutions,
3. E-Rudin: Platform used for request support for official Issuers and Public Companies. In 2023, there will be several
home services for BRI Head Office workers. strategic initiatives carried out by the FAMP Directorate
4. E-Vehicle: Platform used for managing and servicing related to the implementation of the ESG concept, including:
BRI operational vehicle users.
5. E-Kas Porti: Platform used for managing Porti cash and 1. SE Release No. 31-DIR/PLM/05/2022 dated 30 May
using corporate cards. 2022 concerning Fixed Asset Management and
6. Estimation Data Management: Platform used to Procurement Based on ESG Principles
manage historical estimation data. 2. Green Building, BRILiaN Tower and Medan Tower.
7. BRISurf: Platform used for submitting fixed asset 3. Procurement of 194 units of Electric Cars and
insurance covering and claims. Motorbikes.
8. E-Auction: Platform used to carry out the auction 4. Installation of Solar Power Plants at 100 (one hundred)
(bidding) process for BRI assets that have entered the location points.
write-off period. 5. Provision of Public Electric Vehicle Charging Stations .
During 2023, FAMP has carried out 22 (twenty two) asset Application of the waste management concept in waste
optimizations with details of 10 (ten) abandoned assets management at BRI.
and 12 (twelve) assets not yet optimal. Apart from that,
FAMP also continues its commitment to support programs
from the Ministry of SOE which are related to FAMP’s field
of work, including regarding the use of Domestic Products
(PDN) and PaDi (Digital Market) for MSMEs. Referring to
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 437
Page 440
Network & Services
Directorate
PERFORMANCE SUMMARY OF NETWORK & SERVICES DIRECTORATE
In line with the initiative to strengthen retail banking 4. Addition of 5 (five) Co-Location SenyuM outlets at
capabilities, BRI continues to provide optimal service BRI Unit Sekip Kebon Semai Palembang, BRI Unit SP
to customers by continuing to carry out transformation Timbangan Kayuagung, BRI Unit Prambanan Sleman,
through various Strategic Initiatives both in the Network BRI Unit Minasa Tene Pangkajene, and BRI Unit Karossa
and service quality aspects. Transformation of the Work Mamuju Tengah. Currently there are 1,018 Smile Co-
Network takes the form of expanding new office formats Location outlets to serve customers, especially the
to improve customer experience and satisfaction, as well Ultra Micro segment.
as consistently maintaining the reliability of transaction
support devices such as Self Service Banking Terminal The provision and expansion of transaction support
(SSBT) and E-Channel (ATM and CRM) machines. BRI machines is also carried out in BRI’s efforts to strengthen
is always committed to improving service quality by the customer journey to make transactions using both self-
prioritizing customer centricity, including by providing service and assisted self-service, which consists of:
complaint services that are increasingly easily accessible 1. Implementation of 267 Digital CS machines in 262
to customers. BRI Branch Offices. The capabilities of the Digital CS
machine are also continuing to be improved. Previously
Overall physical office, BRI has expanded the New Branch it could only serve transactions for opening accounts,
Format which consists of: printing Debit cards and printing savings books.
1. Addition of 4 (four) Flagship Branches at BRI Bandung Currently, it is able to serve additional transactions
Asia Afrika Branch Office, BRI Palembang A. Rivai in the form of issuing Debit Cards and reissuing PINs,
Branch Office, BRI Surabaya Rajawali Branch Office, and as well as printing bank statements. Implementation
BRI Surabaya Kaliasin Branch Office. Currently there of 267 Digital CS machines in 262 BRI Branch Offices.
are 6 (six) Flagship Branches, of which the other 2 (two) The capabilities of the Digital CS machine are also
are at the BRI Special Branch Office and the BRI Menara continuing to be improved. Previously it could only
BRILian Branch Office. serve transactions for opening accounts, printing Debit
2. Addition of 4 (four) Smart Branches, BRI KCP Ministry cards and printing savings books. Currently, it is able
of BUMN, BRI KCP Kota Kasablanka, BRI Mall Kelapa to serve additional transactions in the form of issuing
Gading Cash Office, and KK Pondok Indah Mall. Debit Cards and reissuing PINs, as well as printing bank
Currently, there are 14 (fourteen) Smart Branches, statements.
of which the other 10 (ten) are at the BRI Denpasar 2. Addition of Replacement Card Machine (RCM) machines
Gajah Mada Branch Office, BRI Bandung Branch Office from the previous 42 machines in 42 BRI Branch Offices
A.H. Nasution, BRI Jakarta Otista Branch Office, BRI to 70 machines in 70 BRI Branch Offices.
Bogor Dewi Sartika Branch Office, BRI Bintaro Branch 3. Addition of 2,000 new CRMs to expand transaction
Office, BRI Bumi Serpong Damai (BSD) Branch Office, services, especially customer cash deposits.
BRI Tamalanrea Branch Office, BRI Medan Putri Hijau
Branch Office, BRI Surabaya Pahlawan Branch Office, BRI is always committed to improving the quality of service
and Office BRI Solo Branch Slamet Riyadi. throughout its work network and customer complaint
3. Addition of 2 (two) Community Branches, BRIWork UNS services by prioritizing customer centricity to maintain
and BRICafe MD Place. Currently there are 8 (eight) customer trust. BRI continues to make improvements in
Community Branches, of which 3 (three) are at BRICafe digital-based customer complaint services, which consist of:
Marina Bay, BRICafe Smescoffee, BRICafe Jogja, and 1. The complaint service can be accessed on a self-
3 (three) others are at universities including BRIWork service basis via the help center menu in the BRImo
UGM, BRIWork IPB, and BRIWork UNEJ. (Complaint in Apps) application and the BRI Sabrina
Virtual Assistant so that the resolution of customer
complaints can be monitored in real time by customers.
PT Bank Rakyat Indonesia (Persero) Tbk.
438 2023 Annual Report
Page 441
Business Support
Functions Overview
2. BRI Virtual Assistant Sabrina with a converting 2. The Best Contact Center Asia Pacific (APAC)
conversation to selling feature so that Sabrina can a. Silver – Technology Innovation Category
provide information on the closest BRI collaboration 3. Infobank Banking Service Excellence Awards 2023
merchants (a certain radius around the customer) a. The 1st Best Overall ATM
which customers can now use. Apart from that, Sabrina b. The 2nd Best Opening Account via website
also has other excellent features such as checking c. The 2nd Best Cash Recycle Machine (CRM)
balances or account mutations as well as information d. The 3rd Best Contact Center in Service Excellence
on BRI office locations and BRI CRM/ATM. e. The 3rd Best Digital Channel in Service Excellence
3. The toll-free Contact BRI service makes it easier f. Golden Recognition – 5 Concecutive years in
for customers to contact Contact BRI 1500017 Service Excellence.
via the BRImo application which is supported by 4. Indonesia WOW Brand 2023
advanced internet network-based technology with the a. Gold - ATM
advantages of clear voice quality and wider and more b. Silver - Call Center
stable network coverage. c. Silver - Tabungan
d. Silver - Bank Konvensional
The efforts to improve service quality was complemented e. Bronze - Kartu Uang Elektronik
by the inauguration of the BRI Contact Building in Jakarta f. Bronze - Mobile Banking
on October 13 2023. The spirit of service is presented
through a building design with nuances and naming of work As a journey to strengthen retail banking capabilities, in
spaces that refers to customer centric concepts starting 2024 BRI will further improve service quality throughout
from Emphaty, Fast, Precise and Excellent so as to reflect the Work Network by continuing to make improvements to
commitment in maintain service consistency. Complaint handling both through conventional channels
and self-service. Offices with new formats will continue to
Improvements are not only carried out on the digital service be presented to provide new experiences, the commitment
side, but also from the back office through automation and to serve more quickly and accurately will be maintained
accelerating the resolution of customer complaints, thereby supported by capable Frontliners, and the capability and
further increasing Customer Engagement with customers. reliability of transaction support machines will continue to
be improved to serve more complex transactions. Through
Monitoring of service quality is also continuously carried these various efforts, it is hoped that customers can make
out, where BRI collaborates with independent institutions transactions more quickly, easily and comfortably, both
to carry out objective measurements. The results obtained through self-service and assisted by BRI Frontliners.
in 2023 are as follows:
1. The Best Contact Center Indonesia 2023 (ICCA)
a. Platinum – Best Tehcnology Innovation
b. Platinum – Best Employee Engagement
c. Platinum – Best Scheduling
PT Bank Rakyat Indonesia (Persero) Tbk.
2023 Annual Report 439
Names mentioned 103 people and organisations named in the text · linked when the evidence is strong
unresolved
org
PT Permodalan Nasional BRI
p.4
unresolved
org
Bank Soundness Level Ability
p.9
unresolved
—
Remuneration Ffr Commercial
p.10
unresolved
org
BRI Global Financial Services Co. Ltd.
p.11
unresolved
org
PT Asuransi BRI Life
p.11
unresolved
org
PT BRI Multifinance Indonesia
p.11
unresolved
org
PT BRI Danareksa Sekuritas
p.11
unresolved
org
PT BRI Ventura Investama
p.11 ×3
unresolved
org
PT BRI Asuransi Indonesia
p.11
unresolved
org
PT Bahana Artha Ventura
p.11
unresolved
org
PT Kustodian Sentral Efek Indonesia
p.11
unresolved
org
PT Pemeringkat Efek Indonesia
p.11 ×2
unresolved
org
PT BRI Manajemen Investasi
p.11
unresolved
org
Bank Jasa Artha
p.12
unresolved
org
PT Bank BRISyariah.
p.12
unresolved
org
Indonesia Stock Exchange
p.12 ×3
unresolved
org
Bank Koperasi Tani Nelayan
p.12 ×2
unresolved
org
Bank Agroniaga Tbk
p.13 ×2
unresolved
org
PT Asuransi Jiwa BRIngin
p.13
unresolved
org
BRIngin Remittance Co. Ltd.
p.13
unresolved
org
Bank BRI Shelf Registration Bonds II Phase IV
p.13 ×2
unresolved
org
Bank BRI Registration Bonds III
p.13
unresolved
org
PT Asuransi Jiwa Bringin Jiwa Sejahtera
p.13
unresolved
org
Bank Branch Office License
p.15
unresolved
org
Ministry of SOEs. Through
p.17
unresolved
org
Ministry of SOEs
p.17
unresolved
org
Bank Only ROE
p.27
unresolved
org
Bank Indonesia
p.28 ×9
unresolved
org
PT Asuransi BRI Life Asset
p.35
unresolved
org
PT BRI Multifinance Indonesia Asset
p.35
unresolved
org
PT BRI Danareksa Sekuritas Asset
p.35
unresolved
org
PT BRI Ventura Investama Asset
p.35
unresolved
org
PT BRI Asuransi Indonesia Asset
p.35
unresolved
org
PT Permodalan Nasional Madani Asset
p.35
unresolved
org
PT Pegadaian Asset
p.35
unresolved
org
PT BRI Management Investasi Asset
p.35
unresolved
org
Bank Rakyat Indonesia Agroniaga Tbk
p.35 ×2
unresolved
org
Bank BRI Phase I
p.38 ×3
unresolved
org
Bank BRI Phase II Year
p.38
unresolved
org
Bank BRI Phase III Year
p.38
unresolved
org
Bank BRI Phase IV Year
p.38
unresolved
org
Bank BRI Phase IV
p.38
unresolved
org
Bank Subordinated Bonds III
p.38
unresolved
org
Bank BRI Sustainable Bonds I Phase I Year
p.38 ×3
unresolved
org
Bank BRI Tahun
p.38
unresolved
org
Bank BRI Sustainable Bonds I Phase II Year
p.38 ×3
unresolved
org
Bank Tabungan
p.39 ×4
unresolved
org
Bank BRI Year
p.40 ×2
unresolved
org
Minister of Finance Sri Mulyani
p.42
unresolved
org
Ministry of BUMN
p.54
unresolved
org
Financial Services Authority
p.54 ×6
unresolved
org
Rakyat Indonesia (Persero) Tbk.
p.57
unresolved
org
Ministry of State-Owned Enterprises
p.57
unresolved
org
PT. BRI Danareksa Investment
p.66
unresolved
org
BRI (Persero) Tbk
p.66 ×12
unresolved
org
Bank Health Level Assessments
p.67
unresolved
org
Bank Compliance Functions.
p.68
unresolved
—
Hadiyanto
· Commissioner
p.73
unresolved
—
Appointed Awan Nurmawan Nuh
· Commissioner
p.73 ×5
unresolved
org
PT. Bank Sentra BRI
p.80
unresolved
person
Dr. Kusuma Atmaja
p.81
unresolved
org
Bank BRI
p.83 ×2
unresolved
org
Minister of Justice
p.84 ×2
unresolved
person
Notary Imas Fatimah
p.84 ×3
unresolved
org
Minister of Justice and Human Rights
p.84
unresolved
person
Notary Muhani Salim
p.84 ×2
unresolved
org
Bank Indonesia Decree
p.85
unresolved
org
Minister of Law and Human Rights
p.85 ×2
unresolved
person
Fathiah Helmi
· Notaris
p.85 ×2
unresolved
org
Bapepam-LK
p.85 ×2
unresolved
org
Government of the Republic of Indonesia
p.85
unresolved
org
Persero Limited
p.87
unresolved
org
S.H. Limited
p.87
unresolved
org
Bank Indonesia Certificates
p.91
unresolved
org
Bank Guarantees
p.93
Extraction attempts how the parser did, and what it refused
Nothing structured was extracted from this document — the attempts below say why.
No extraction attempted yet.